So much for the “Peak Oil” moron’s theories.
Yeah, gas will soon be $7 a gallon!! PANIC!!
It means that investors are confident enough to pay storage costs believing the near term rise in prices will result in more profit later even after paying the additional expenses.
Look at the futures market and you can see how quickly they believe it is going to rise. Up $9 in five months.
Crude Light Oil Comp. - nymex
http://online.wsj.com/mdc/public/page/2_3028.html?category=Energy&subcategory=Petroleum&contract=Crude%252520Light%252520Oil%252520Comp.%252520-%252520nymex&catandsubcat=Energy%257CPetroleum&contractset=Crude%252520Light%252520Oil%252520Comp.%252520-%252520nymex