Oil Moves Higher
May 26th, 2009 | By Doug Casey | Category: Oil Investment & Alternative EnergyIn the energy market on Friday, crude for July delivery advanced, closing at $61.67/barrel, up 62 cents. June reformulated gasoline rose 4.11 cents, to $1.8408/gallon.
“The dollar is driving oil higher once again,” said Phil Flynn, of Alaron Trading. “Fears about our debt and fears over our credit rating are creating a crack in the confidence that we can print our way to economic prosperity.”
Traders were looking ahead to OPEC’s scheduled meeting Thursday in Vienna, at which the cartel will discuss production and oil prices. OPEC raised its production in April, for the first month in the previous eight.
Most analysts are not expecting another cut in production quota, but believe the talk will center on member compliance.
In the natgas arena, natural gas concluded another dismal week by falling 8.8 cents, to $3.515 per million British thermal units. For the week, natgas was off more than 14%.
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.