Crude Slips
Jun 29th, 2009 | By Doug Casey | Category: Oil Investment & Alternative EnergyIn the energy market on Friday, crude for August delivery slipped, closing at $69.16/barrel, down $1.07. July reformulated gasoline lost 2.42 cents, to $1.8741/gallon.
Crude wrapped up its second straight week of decline, as traders seem to have turned sour on the prospects of recovering global demand. For the month, however, oil is still up more than 3%.
“The latest oil price increase to over $70 a barrel is not justified by current fundamentals, [although] it cannot be ignored that the oil market has improved,” wrote analysts at Commerzbank. “The underlying demand remains week.”
In a potentially positive development the Movement for the Emancipation of the Niger Delta, or MEND, say they are studying an amnesty offer announced by Nigerian President Umaru Yar’Adua, but will turn in their heavy weapons by the August 4th deadline stipulated in the document.
The group, however, objects to the term “amnesty,” saying that, “We are not criminals. Amnesty is offered to criminals and people that have been convicted. We are fighting for our rights, carrying guns fighting to protect our fathers’ land. What we are suffering from is marginalization, slavery, oppression. We accept the peace, and are ready to lay down our arms, so the amnesty itself is just a mix of language.”
In the natgas arena, the fuel continued its forward and back movement, posting a loss on the week, with July futures shedding 2% to finish at $3.949 per million British thermal units.
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Doug Casey is a contrarian investor, sought-after public speaker and author of several books. His work "Crisis Investing" held the position of # 1 bestseller on the New York Times list for 26 consecutive weeks. Doug's unusual views on the economy - and just about everything else - have gained a huge following in the investment community, and it certainly helps that his stock recommendations of undervalued junior exploration companies have made his subscribers millions. Now in its 27th year, Doug's monthly newsletter, the International Speculator, is one of the most established and esteemed publications on gold, silver and other natural resource investments. Together with the Casey Energy Speculator, it covers a broad range of carefully selected stocks with the very real potential of double- and triple-digit returns within 12 to 24 months.