Oil has rallied more over the last 75 trading days than it did at any time during its entire bubble run from 2001-2008. In fact, its current rally of 99% since the February 12th low is nearly double the highest 75-day rally during the last oil bull (From December 2001 to April 2002, oil rallied 55% over 75-days.) Oil has also gone from $33.75 to $67.75 in just 75 trading days. During the 2001-2008 oil bubble, it took 409 trading days to complete the same task from January 2004 to August 2005. While many investors are arguing that oil's rally is a good sign for the global economy and equity markets, let's hope it doesn't keep up the pace, or else we'll be right back to $150 in no time.
This is misleading as the low starting price was created when there was mis-pricing in the oil market near-month contracts due to rollover issues. If you look at the prices for a single contract (eg. Dec. 2009),the increase is about 48% which is not out of line with these other rises.
Posted by: Brent | June 02, 2009 at 12:24 PM
Up 99% in 75 trading days! Is speculation being encouraged by government officials in order to punish oil consumers and promote a green adgenda?
http://houseofexile.blogspot.com/2009/06/protect-your-neck-punishing-american.html
Posted by: shakazulu | June 03, 2009 at 12:38 AM