Crude’s Slide Intensifies
Jul 9th, 2009 | By Doug Casey | Category: Oil Investment & Alternative EnergyIn the energy market on Wednesday, crude for August delivery accelerated its slide, closing at $60.14/barrel, down $2.79. August reformulated gasoline lost 9.95 cents, to $1.6333/gallon.
In its weekly inventory report, the Energy Information Administration said that crude stocks fell by 2.9 million barrels in the week ended July 3, slightly less than anticipated. gasoline supplies rose 1.9 million barrels, and distillates were up 3.7 million barrels. Refineries were operating at 86.8% of capacity last week, vs. the previous week’s 87%.
There were no great surprises in the report. However, there was an uptick in crude inventories at Cushing, Okla. — the delivery point for crude futures traded on the New York Mercantile Exchange. They jumped to 30.2 million barrels last week, up 5.6%, which added a bit of pressure to futures prices.
Summing up, “The market is adjusting itself,” said Michael Fitzpatrick, of MF Global. “In the past few weeks, there was a lot of wishful thinking that the economy will recover. Now people realize there is no evidence of any sustainable economic growth.”
Source: Crude’s Slide Intensifies
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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.