Oil Over $59
February 3rd, 2007WARNING: This is not a recommendation to buy, sell or hold any financial instrument.
See this post from a couple of weeks ago. Like I said, only insiders, crackpots and lunatics would have tried to catch this move…
Via: Business Week:
Oil prices settled above $59 a barrel Friday, finishing the week at its highest close for 2007. Colder-than-normal weather in the U.S. and concerns over a second round of OPEC production cuts fueled the week’s rally.
Heightened geopolitical risks also helped boost prices on Friday.
Light, sweet crude for March delivery rose $1.72 to settle at $59.02 a barrel on the New York Mercantile Exchange. That was the highest close since it finished at $61.05 on the last trading day of 2006.
In after-hours electronic trading on Friday, the contract climbed further, reaching $59.25 a barrel by late afternoon.
[img]http://policypete.com/images/longtermgasconsumption.gif[/img]
Based on consumption, this was the only logical outcome.