Oil futures prices have shot back above $100 a barrel for the first time since Jan. 3. A weekend refinery explosion in Texas and the possibility that OPEC will cut production next month are driving prices higher, although analysts say there isn't a single factor to explain the move. http://biz.yahoo.com/ap/080219/oil_prices.html
To get back on topic. I believe the reason for the move is purely TA. triple tops are rare. For me this is a wait and see moment. if the top hold it will be a nice short if not I think we will see 120ish I got my finger on the USO options either way.
Just a few quick questions to fellow ET members... Considering that there are quite a few electric plants that are fired either by oil or coal and considering that they must be getting squeezed from the high price of oil even with hedging and that most are not deregulated.... at what point do they switch from oil to coal? what is the current stockpile of coal as compared to normal supply / demand? is coal going to start increasing in prices? and is now the time to look at producers for profit increases?