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Crude Oil = $139+

So much for THAT magazine cover indicator!  That has to be the fastest any call OF MINE has been proven wrong --  a new mea culpa record !

Cover art courtesy of The Economist, May 29th 2008 issue

Crude futures approaching limit of +/- $10.00 per barrel -- trading will be halted if it trades at the limit for five minutes. The crude limit is $10.00 per barrel ($10,000 per contract) for all months. If any contract is traded, bid, or offered at the limit for five minutes, trading is halted for five minutes. When trading resumes, the limit is expanded by $10.00 per barrel in either direction.

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Crude Oil Futures, June 2008

See also:

The oil shock of 2008    (Econbrowser)
The Energy Markets’ Circuit Breakers (Marketbeat)
It's solar power's time to shine (MSN)
Oil Rises to Record on Weakening Dollar, Morgan Stanley Outlook (Bloomberg)

Friday, June 06, 2008 | 01:24 PM | Permalink | Comments (80) | TrackBack (0)
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Comments

Days like this are actually very good because they prove without a doubt that the rise we've had has absolutely nothing to do with supply and demand. Now it's up to those who can stop this to actually stop it. It will most definitely continue its march onwards to 150 and beyond if nothing is done.

Posted by: RichardN | Jun 6, 2008 1:29:28 PM