I could see $150 being touched while the crazies in Asia bid with no sellers, but once London and NY wake up, there would be sellers. Even in the Gulf war (I) some one would sell to you out of their hoarded surplus if you bid hard enough. And, as always, buy the rumor sell the facts. Watching that drop from $30-33 to $18 on crude the day of the invasion was gut wrenching.
April/May is mogas speculation season. It's not unusual for the gas cracks to hit their peak in this period as the speculators load up with visions of shortfalls leading to panic buying. It's also not unusual for them to get their asses handed to them when there is no shortage in early June. I'll be interesting to see how the June contract goes off the board.
My gut tells me this summer's driving season isn't going to be as robust as usual. While raising fuel costs 50% isn't going to stop us rich folks from going on vacation, it will keep a lot of folks a lot closer to home.
