The targets of $600 to $625 are more and more a reality and mostly justified as concerns on inflation, geopolitical pressures in the Middle East and now with rates at comfortable levels, central bankers are stuck in a rock and a hard place.
We should start to see those who are long take money off the table.
For prices to advance much further from the $11-to-$12 level, we will need to see a boost in consumption, or a setback in getting pipelines operational.
This is big news. This is a good step forward for Hewlett-Packard. With her departure, the company will look forward to having new leadership ... so the market is looking at this as a positive for stocks, especially the tech sector.
This market is not close to being finished for higher prices.
Demand is up mainly as it has a dual role as a food and bio-fuel product.
The demand factor is strictly ruling this market -- supplies are available but are commanding higher prices due to the uncertainties that plague the market -- Iran, Nigeria and global demand is to say the least more of an issue now than ever before.
Traders are more focused on Hurricane Rita as this weather event could have a longer-term devastation on the infrastructure of our nation's oil industry's ability to provide energy to citizens.
Traders and investors feel the new era of rebuilding the Gulf Coast states will be a double whammy causing higher spending deficits,
As long as prices hold above the $520 to $540 range, I feel more comfortable remaining bullish.
