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98 comments on Oil (CLZ07) settles above $93...and in the next month...?
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Still too many variables in play to safely pick a threshold. We could see Iran attacked, which would shoot the price well over $100, as Venezuela has said they would stop exporting to the US under such a scenario.
Increases could also come from Turkey invading Iraq, Russian muscle-flexing with its neighbors, Nigerian unrest, an attack on a ME exporter, continued dollar devaluation, etc.
The market can also feed upon its own fears (or realization of the seriousness of PO), with speculation based upon speculation-fueled increases becoming more evident as the price gets higher.
The big question: where should the price of light sweet crude be at this time, and what 'fundamentals' should be used as the basis for such an estimate?
Hmmm... how about the demand for a commodity with a finite supply finally exceeding available supply?
I'm glad that the sun is finally shining on reality. $100 and beyond is almost here.