Article

FT.com / Markets / Commodities - Cocktail of concerns push crude to new highs

FT.com / Markets / Commodities – Cocktail of concerns push crude to new highs

Crude oil futures hit another record high this week on a series of factors including the death of King Fahd of Saudi Arabia, a coup in Mauritania, the death of Sudan’s vice-president, refinery problems in the US and concern about another tropical storm brewing in the Caribbean. ADVERTISEMENT But probably the most important event this week was the move above $60 by all US oil futures dated until December 2011. This indicates that oil investors expect the current tightness in oil and petroleum product supply to remain in place for the foreseeable future.

As sure a sign of any I've seen that Peak Oil is real and imminent. According to Matt Simmons, it may have already happened.


Comments (No comments)

Comments are closed for this post.

Post a comment

Comments are closed for this post.