Crude Slips
Dec 31st, 2008 | By Doug Casey | Category: Financial NewsIn the energy market on Tuesday, oil dropped back below $40, with crude for February delivery closing at $39.03/barrel, down 99 cents. February reformulated gasoline gained a penny, to $0.93/gallon.
The Israeli/Hamas conflict commanded attention, but with the possibility of a cease-fire in the offing, traders’ fears subsided somewhat.
“The probability of any significant [supply] disruption remains low and so the surge higher on the news in the last few days seems a little overdone and fits more as a correction higher within the current bearish trend,” said Michael Davies, of Sucden Financial Research.
“However, as the violence continues and looks likely to escalate, the market will remain sensitive to news, especially while many traders remain on holiday until the start of the New Year,” Davies added.
And Edward Meir, of MF Global (NYSE:MF), chipped in with: “With most global economies struggling and credit markets still in an impaired state, it is hard to get too excited about the upside potential in energy markets attributable solely to geopolitical factors unless, of course, these are directed at the heart of the oil-supply system.”
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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.