Oil Slightly Higher
May 13th, 2009 | By Doug Casey | Category: Oil Investment & Alternative EnergyIn the energy market on Tuesday, crude for June delivery pushed higher, closing at $58.85/barrel, up 35 cents. June reformulated gasoline fell 1.23 cents, to $1.6679/gallon.
Oil pulled back yesterday after advancing early 2.7% to touch a six-month high of $60.08.
Oil has rallied sharply, surging more than 70% from its mid-February low below $34 a barrel. Year to date, it has gained more than 30%, befuddling analysts who keep looking for the rally to turn around, as it “should” since demand still remains weak.
On the bullish side, China, the world’s second-largest oil consumer, announced that it increased its imports by 13.6% last month, to 3.9 million barrels a day.
Production from the 11 OPEC members bound by quotas rose 130,000 barrels a day to 25.74 million barrels in April from 25.61 million barrels in March. 12th member Iraq does not participate in output agreements.
And the Energy Information Administration said yesterday in its monthly report that it now projects world oil demand to fall by 1.8 million barrels per day in 2009, or 400,000 barrels larger than the EIA had forecast last month.
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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.