Oil = All Time (Inflation Adjusted!) High
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Oil prices today passed their all time, inflation-adjusted record, just kissing the underside of $104 dollars. As the chart above shows, crude prices have broken out from a 6 month consolidation between $85 and $95.
The commodity looks like it has legs, which is trader talk for its going higher. While I do not make a habit of forecasting commodity prices, $110, and then $125 are our next two targets.
I got your core inflation right here . . .
Monday, March 03, 2008 | 12:53 PM | Permalink
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» What is Next for Crude Oil ? from The Big Picture
The commodity looks like it has legs, which is trader talk for its going higher. While I do not make a habit of forecasting commodity prices, $110, and then $125 are our next two targets. I got your core inflation right here . . . That was our March 3r... [Read More]
Tracked on May 9, 2008 7:25:22 AM
Comments
And it continues to appreciate even with Oil inventories at 15-16 year highs.....
Gee...what event was about to occur 16 years ago that is VERY similar to now???
The oil pits are doing the same thing that Enron did in the electricity marketplace in 2000-2001 in California. Creating the appearance of a shortage when it most certainly shows a lack of one.
But keep going after Baseball, Football, and Chocolate.
Ciao
MS
Posted by: Michael Schumacher | Mar 3, 2008 1:17:49 PM
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