Gas & Oil

Monday, March 26, 2007 | 05:56 PM

Tanked up this weekend -- and for the first time in a long while, I paid over $3 for a gallon of gas (93 octane premium).

Crude is now ~$63 a barrel.

Of course, energy has nothing whatsoever to do with inflation (ex-inflation), so thats no worry.

Whether this goes any further is still unknown. Since the GSCI weighting change, Oil has been unable to surpass $64. Indeed, as the 6 month chart below shows, Crude Oil has substantial resistance right at that point. So unless something very significant happens -- Iran and Brits? Pakistan falls? Iraq gets even worse? -- we can expect that it will take something very significant to help energy prices blast thru that level.

Note that the longer term (3 year) chart is far bottom, and implies a trading range of $56-64.


CRUDE OIL Daily chart 6 months
Crude_day

CRUDE OIL Weekly Chart, 3 years
Crude

Monday, March 26, 2007 | 05:56 PM | Permalink | Comments (17) | TrackBack (1)
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Barry on Gas and Oil. Or "channeling crude dot com." You know, BR, I don't think folks are phased at $3 gasoline. Or even $3.50. We need it. [Read More]

Tracked on Mar 26, 2007 11:37:26 PM

Comments

Right now, I'm not sure crude oil is the problem, but rather gasoline. Futures were at 2.07/gallon today, up from 1.35 mid-January. Near a 50% jump in two months.

Posted by: BMBull | Mar 26, 2007 6:41:25 PM

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