Oil had a monster day on Thursday even after a relatively mildly bearish oil inventory snapshot. Oil is going a bit parabolic all on a four letter word…IRAN. Also we can throw in a dusting of Syria into the geopolitical mix and what we have is the spot WTI contract approaching the $110/bbl mark while the spot Brent contract is hovering around $124/bbl. When I look around the world all I can say about oil is nothing good can come from oil prices in triple digits except if you are a producer and/or are a net long speculator. It is inflationary and will begin to have a negative impact on consumers around the world if it has not already started to do so.

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Oil Prices holding gains heading into the weekend

Oil had a monster day on Thursday even after a relatively mildly bearish oil inventory snapshot. Oil is going a bit parabolic all on a