"Oil" not get too excited about this ...
Oil is over $100 per barrel! The sky is falling!
Well, actually - no. What is happened is one futures trade for oil in February was exactly $100. One trader is speculating that oil will be over $100 in February. No-one else thought the same, so the price stayed under $100.
What the news media haven't told you is the Futures market for the rest of the year has oil prices holding steady in the $90 to $100 price band.
Of course, I don't have a crystal ball and oil could easily go over $100 a barrel, or even $120. But it could just as easily slip back to $80. But let's not have sensational and alarmist reporting just because this is a slow time for news.
Well, actually - no. What is happened is one futures trade for oil in February was exactly $100. One trader is speculating that oil will be over $100 in February. No-one else thought the same, so the price stayed under $100.
What the news media haven't told you is the Futures market for the rest of the year has oil prices holding steady in the $90 to $100 price band.
Of course, I don't have a crystal ball and oil could easily go over $100 a barrel, or even $120. But it could just as easily slip back to $80. But let's not have sensational and alarmist reporting just because this is a slow time for news.
posted by Michael at
6:39 PM
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