Oil Edges Higher
Feb 2nd, 2009 | By Doug Casey | Category: Financial NewsIn the energy market on Friday, oil moved slightly higher, with crude for March delivery closing at $41.68, up 24 cents. March reformulated gasoline prolonged its recent rally, gaining 3.78 cents, to $1.2687/gallon.
Traders were somewhat heartened by the GDP figure, as the drop was still below economists’ expectations of a 5.5% decline.
Brenda Sullivan, an analyst at Sucden Financial Research sounded an optimistic note, writing that, “While crude-oil markets may remain vulnerable to further disappointments in the economic conditions, there is also the potential for a price base to be forming.”
Of note was that about 30,000 U.S. refinery workers could go on strike if they don’t renew a union contract that expires early Sunday. The dispute is between the United Steelworkers union and refiners.
That had Edward Meir, of MF Global (NYSE:MF), concerned. “If things take a turn for the worst, a nationwide strike could affect as much as two-thirds of the country’s refining capacity, and it remains to be seen whether the majors will be able to cope with replacing striking workers with non-union personnel,” Meir said.
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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.