Crude prices are running on fumes... this is the final parabolic run... now prices are entering puke territory.
Well it is a big drop for this time of day? It's only Sunday afternoon. Most traders enjoying supper with the family or something.
Crude oil futures are up over $3.50 and were up over $4.50 to $70.80 due to the damage and expected damage of Hurricane Katrina. http://alaron.com/quotes.php?action=chart&iFSsymbols=CLV05
great observations....the "fumes" part wins the tongue-in-cheek award. some big short covering from last week, I imagine.
Once the dust settles... the economy will start to slow down.. and oil prices will peak and settle under $60. Fair value of oil is in the 50's. We need Bush to tap the reserves.. and the oil party will be over.
Gotta agree with that, people are bidding up crude like the gulf just ran out of oil for good. Summer driving season ends in a few weeks and i'll bet we see oil at $50 again by Christmas. Enjoy the fireworks!
The world including the gulf is at peak oil, you will not see $50 dollar ever again, not in this lifetime anyway.