Jim,
I’ve been trading crude oil for a few decades now, and in the last two sessions I’ve seen trading like I haven’t seen since Desert Storm, large unexplained up moves, $5.50 yesterday (6/5) and as I type this the market opened $6.00 higher. For a huge liquid market such as Crude Oil, these are large moves.
I went to the Jerusalem Post to search out any open source tidbits/indicators and I stumbled upon this article.
To buttress this, Gold is up $22 and Silver up 35 cents.
The first piece of Israeli ordnance to hit Iranian soil could cause a hyper spike of anywhere from $20 to $70 in Crude in a single day of trading the day after the attack, which in my estimation is coming sooner rather than later.
May God bless you and your family. Pray for Israel, in Jesus’ love, – N. in Chicago
JWR Replies: I’m sure you’ve seen the headlines: Crude oil was up over $8 in one day, on Friday, setting a record at $137 per barrel.On April 18, 2006, I warned SurvivalBlog readers to start keeping their gas, diesel, home heating oil, and propane tanks filled, in part by means of “keep full” contracts. That was back when regular gas was around $2.29 per gallon. I’ll say it again: “Fill your storage tanks, folks!” If you didn’t take my advice at that time, then please do so now.