Gas & Oil

Tanked up this weekend — and for the first time in a long while, I paid over $3 for a gallon of gas (93 octane premium).

Crude is now ~$63 a barrel.

Of course, energy has nothing whatsoever to do with inflation (ex-inflation), so thats no worry.

Whether this goes any further is still unknown. Since the GSCI weighting change, Oil has been unable to surpass $64. Indeed, as the 6 month chart below shows, Crude Oil has substantial resistance right at that point. So unless something very significant happens — Iran and Brits? Pakistan falls? Iraq gets even worse? — we can expect that it will take something very significant to help energy prices blast thru that level.

Note that the longer term (3 year) chart is far bottom, and implies a trading range of $56-64.

CRUDE OIL Daily chart 6 months
Crude_day

CRUDE OIL Weekly Chart, 3 years
Crude

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