Oil Moves Higher
May 5th, 2009 | By Doug Casey | Category: Oil Investment & Alternative EnergyIn the energy market on Monday, crude for June delivery pushed to a better than 5-month high, closing at $54.47/barrel, up $1.27. June reformulated gasoline gained 6.86 cents, to $1.586/gallon.
Traders were upbeat after the home sales numbers and a report out of China that its PMI had also risen, for the second straight month.
It’s also “following stocks higher,” said Phil Flynn, of Alaron Trading.
There was a bit of wariness, though, with inventories remaining at 19-year highs and the bank stress tests looming.
“We are somewhat apprehensive about price prospects for energy over the short term in light of the stress-test results due to be announced later this week,” said Edward Meir, of MF Global (NYSE:MF).
“Both the commodity and equity markets have already pushed substantially higher in response to the slight improvement in the macro statistics,” Meir added.
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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.