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$4 In Sight

Posted on May 15, 2008

As of yesterday's market close, the price of light sweet crude oil on the New York Mercantile Exchange (NYMEX) was up 29% since December 31, 2007. In this environment, prognostications about the market become obsolete almost as fast as they're written, mine included. Ten weeks ago I assessed the prospect of $4 per gallon gasoline this spring and concluded that it would require a combination of unusual circumstances. Instead, after another $20+ increase in oil prices, the average US retail gas price stands at $3.72, with California at $3.92. That means that polesigns showing $4.00 or more for u...

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backwardation , crude , futures , gas , new york mercantile exchange , oil