CLN24 – July Crude (Last:82.17)

Crude oil’s exuberant spree over the last three weeks recalls Bruce Willis’ memorable line from Die Hard:  “Yippy-ki-yay, motherfucker!”  Weren’t ‘They’ supposed to keep energy prices subdued until the November election?  If ‘They’ means Joe Biden’s keepers, one wonders whether the sinister Obummer has that kind of pull any longer with OPEC.  Whatever the case, July Crude looks all but certain to hit the 87.31 target shown in the chart — a 20% gain over prices that obtained at the beginning of June. Too bad for all of us, since pump prices looked ready to  dip below $3 before greedy Big Oil recovered its grip.  So here is the world’s largest commodity market, allocating the world’s most important resource, trading like a Vancouver penny stock. The good/bad news is that the wild swings will continue until the energy markets lie broken and smoldering in the Second Great Depression.

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