Oil Inches Upward
Apr 20th, 2009 | By Doug Casey | Category: Financial NewsIn the energy market on Friday, oil was slightly higher, with crude for May delivery closing at $50.33/barrel, up 35 cents. May reformulated gasoline rose 1.84 cents, to $1.4927/gallon.
Shane Wisdom, president of Wisdom Financial tried to puzzle out the market, saying that, “Traders seem to be focusing on somewhat more upbeat prospects of an economic recovery further down the road.
“However,” he added, “the news remains bearish, pointing to weaker demand and building supplies.”
“Justifiably anxious over the global economy, now in the throes of the most serious economic calamity since the 1930s, [the energy market] attaches to the slightest glimmer of hope signs of a nascent recovery,” said Michael Fitzpatrick, of MF Global (NYSE:MF).
“Certainly there are signs,”Fitzpatrick added, noting that Citigroup (NYSE:C) and GE results—bad, but not as bad as expected—“contain very hopeful elements, but are still in negative territory.”
And natgas continues to languish, with gas for May delivery falling 9.4 cents, or 2.5%, to $3.599 per million BTUs.
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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.