Oil Advances, but October was Biggest Losing Month Ever
Nov 3rd, 2008 | By Doug Casey | Category: Financial NewsIn the energy market Friday, oil moved higher, with crude for December delivery closing at $67.81/barrel, up $1.85. November reformulated gasoline fell 2.57 cents, to $1.4413/gallon.
Thus ended a record-setting month, with crude’s front-month contract plunging by 32.6%, the biggest monthly decline recorded on the Nymex since trading began in 1983.
“The oil market had the biggest change of heart since the tin man in the Wizard of Oz,” said Phil Flynn of Alaron Trading.
And Charles Perry, president of Perry Management, could only comment that, “I think we are all hoping for a more stable market in November, particularly after the election is over.”
Looking ahead, “Demand-side concerns are going to keep oil under pressure and we should find out soon just what price the Saudis want to defend,” said Michael Lynch, president of Strategic Energy & Economic Research. “Clearly, we are below the level that the price hawks, such as Venezuela, would prefer, but the Saudis have not publicly called for a restoration of higher prices.”
Source: Oil advances - But October was biggest losing month ever
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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.