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We're in uncharted territory-
I posted, on the Policy board, the all time high, of something like $147, for WTI, in July 2008. Adjusting for inflation, that would be about $214 now.
I saw a $118 print earlier this evening. Bill saw a print over $119. As usual "Mr Market" is driven by herd panic. Currently, WTI at $107.05 and Brent at $110.65.
After the invasion of Iraq, I found I could buy big oil in late January, ride the inevitable ramp job through the spring, and sell at a nice profit around Memorial Day. Worked that scheme several years in a row, through 2008.
Steve
