Oil above $96 a barrel ready to test the $100 mark – 2008 high can be spectacular $150 level
Pamela Jones
Jan. 2, 2008

The gasoline futures are for the first time confirming the crude oil price moves on the upside. This is accompanied by a common belief in Oklahoma – the capital of oil futures and crude stock in US that the supply will lag the demand in spite of lower economic growth.

The speculative side of the market is playing its role at this point of time. The momentum studies point to a higher oil price before oil crashes down below $60 a barrel. A spectacular blow off – typical of all commodities is in the store. In typical long-term market top this happens with no news in the background. The blow off moves without market news creates the parabolic top needed for long term bear market.

Indian and Chinese are buying cars in frenzy. The Indian and Chinese Governments are using foreign Direct Deposits to subsidize the fuel costs and bleeding their own state run oil companies. As a result, the oil demand is increasing exponentially. The hedge fund managers and private equity fund managers are taking the advantage by fueling more speculation into the oil market.

Oil is poised to test $100 a barrel. Some analysts see oil as high as $155 a barrel before a multi-year bear market starts. That can drag grains, sugar and other commodities higher too.

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