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Letter Re: An Oil Trader's Observations on the Market Implications of War with Iraq
Jim,
I've been trading crude oil for a few decades now, and in the last two sessions
I've seen trading like I haven't seen since Desert Storm, large unexplained
up moves, $5.50 yesterday (6/5) and as I type this the market opened $6.00
higher. For a huge liquid market such as Crude Oil, these are large moves.
I went to the Jerusalem Post to search out any open source tidbits/indicators
and I stumbled upon this
article.
To buttress this, Gold is up $22 and Silver up 35 cents.
The first piece of Israeli ordnance to hit Iranian soil could cause a hyper
spike of anywhere from $20 to $70 in Crude in a single day of trading the day
after the attack, which in my estimation is coming sooner rather than later.
May God bless you and your family. Pray for Israel, in Jesus' love, - N. in
Chicago
JWR Replies: I'm sure you've seen the headlines: Crude
oil was up over $8 in one day, on Friday, setting a record at $137 per barrel.On
April 18, 2006, I
warned SurvivalBlog readers to start keeping their gas, diesel, home heating
oil, and propane tanks filled, in part by means of "keep full" contracts.
That was back when regular gas was around $2.29 per gallon. I'll say it again: "Fill
your storage tanks, folks!" If
you didn't take my advice at that time, then please do so now.
