Crude Prices: crashed through old support today and the next stop is $50. Remember, if charts worked there would be no markets. Trading currently at $55.74-December. Retail gasoline prices here in LA are up more than a dime over the past 10 days. Above chart is a frame of reference in 2006 dollars. Note that the big spike co-incides with price controls.
11/17/2006
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Worldwide drilling activity has accelerated for four years. We are just now seeing a slight pullback. Inventories are high, gas storage is nearing capacity and the hurricane risk factor turned into nothing. Sorry Amaranth. Oil should be coming down.
MC
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