Not that I am creating a series but I had a sitdown with an energy fund today. Let's just say that the headline of $3 gasoline - which we hit here in the NY burbs weeks ago, thank you very much - is an understatement.
I wrote in MarketWatch this month that oil would be in a 65-80 range. While its spike up to 82 looked bad, you had to have the feeling it would not last. But now with crude back rather low I feel it was the right call.
But $100 barrels is still way in the cards. The trend, even with the range, is still up.
And as I have been saying this month, natural gas is the sleeper market this year. Mr Hedge said it cannot be a moon shot like oil but we both agreed that the trend is up here, too.