Crude futures soaring by nearly 2% overnight to over $100 is what all those evil, evil speculators at work looks like. That, or the Federal Reserve's "all in" bubble reflation [4]policy perhaps. No, it has to be the speculators: the margin hiker-in-chief said so. And for those who are surprised by Crude's move into triple digit territory, which in turn will send gas prices to the highest they have ever been for this time of year just in time for the election, wait until the reality of $150 oil is priced in, which as we explained yesterday [5], is the matched price for a $4 trillion Fed balance sheet.
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