Oil Declines
Apr 28th, 2009 | By Doug Casey | Category: Oil Investment & Alternative EnergyIn the energy market on Monday, crude for June delivery fell off, closing at $50.14/barrel, down $1.41. May reformulated gasoline dropped 3.92 cents, to $1.4083/gallon.
“Fear is dominating the cyclical commodity markets today, as investors are concerned that the spreading of swine flu in Mexico may severely damp hopes of an economic recovery,” wrote analysts at Commerzbank.
However, “we consider these concerns premature and expect the oil price to move sideways, with some volatility between $45 and $55,” they added. “Given that oil market fundamentals are still weak, downside risks prevail at the moment.”
Edward Meir, of MF Global (NYSE:MF), concurred that, “The Mexican situation is resurrecting fears of the chilling impact that the SARS epidemic had on economic growth,” but also cited “nervousness about another batch of U.S. earnings reports and macro reports.”
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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.