The underpinnings of the Crude Oil market do not justify the current market prices.
1) Crude made new all time highs Friday....on declining open interest, which peaked last July.2) Distant delivery for Crude isn't charging the storage and insurance premiums it should in a healthy bull market.3) Using NYSE prices, oil stocks are pricing it at $75 per barrel. 4) According to Business Week, the major players have done little to increase capital spending....even at these prices.
