The Triple Digits Welcome Back Crude: WTI Back Over $100 Once Again
So much for the IEA's intervention. Crude is once again comfortably over $100, and by the looks of things will be heading far higher before long. Yet the climb back to triple digits was not easy. Note the numerous plunges in CL where crude prices would tumble for no other reason than having way too many trigger-fingered headline scanning algos trading each and every commodity, and massively overreacting to the smallest piece of good or bad news. Elsewhere, we expect rumblings about gas at the pump, which is now set to resume its climb to $4.00/gallon to once again return, as economic models have to be adjusted even lower as that great whooshing sound is America's marginal discretionary purchasing capacity entering millions of gas tanks side by side with the unleaded.
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