Originally Posted by
tenacious_dog
Nymex spot market currently $4.11
December 2009 contracts @ $6.14, up .50 today
$7.00 in futures might be just a couple weeks away. $7.00 on the spot market, who knows. I'm thinking October...maybe sooner, but not much later.
On a separate note, speculators are making a come back on oil trading. Won't be nearly as bad as last year, but its going up.
One decent thing I hear out of the administration is the concept of investors needing to have "skin" in the game. If they apply that to commodity trading like they're advocating for derivatives and other instruments, could be a good thing for controlling the broad swings we're seeing due to speculators working on margins.