No End in Sight for Crude
May 21st, 2008 | By Doug Casey | Category: Oil Investment & Alternative EnergyIn the energy market Tuesday, crude for June delivery kept on its steep up trajectory, notching yet another new record close at $129.45/barrel, up $2.02. June reformulated gasoline rose 6 cents, to $3.30/gallon.
The end of yesterday’s trading marked the expiration of the June crude contract, which may have contributed a bit of extra volatility to the day’s action.
Traders were also apparently moved by comments from legendary Texas oilman T. Boone Pickens, who predicted that crude would reach $150/barrel by year’s end.
Speculators, Pickens said, have “nothing” to do with record prices, citing instead the reality that said world oil supplies are declining and output is not keeping pace with demand.
Source: No End in Sight for Crude
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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.