The increase in Saudi Arabia’s oil production in response to a request by President Bush amounts to only a “token” rise in output, according to an oil expert quoted in Bloomberg.

“It’s just a token increase but it shows that the Saudis realize just how important it is for the president to not come back empty handed,” said Peter Beutel, president of Cameron Hanover Inc. in New Canaan, Connecticut. “This is about a lot more than oil, the special relationship between the countries is at stake.”

Two years ago, making money was simple…You just grabbed a newspaper, closed your eyes, and randomly pointed to a commodity… any commodity.

How does the prospect of $4 a gallon gasoline sound to you? Undoubtedly, it doesn’t sound all that great. But what if I said that gasoline prices were headed for the $4 a gallon level, but once they got there, they’d head no higher?

In the energy market Thursday, crude for June delivery pulled well back from a new intraday record of $124.57, although not far enough that it didn’t set a new closing record at $123.69/barrel, up 16 cents.

Gold moved steadily higher from the overseas markets straight through the New York NYMEX and Globex sessions on Monday, finishing at its intraday high of $874.00, up $17.20. Overnight, gold edged slightly higher in London.

An new oil price prediction by Goldman Sachs has sent crude oil prices past $122 a barrel. According to the AP news wire, the Goldman oil price prediction that crude oil could rise to $150 to $200 within two years seemed to motivate much of Tuesday’s buying.

Light, sweet crude for June delivery blasted past $122 a barrel to $122.47 before retreating to $122.26 on the New York Mercantile Exchange.

In the energy market Friday, crude for June delivery shot higher after three straight days of declines, rising to $116.32/barrel, up $3.80. June reformulated gasoline gained 8.82 cents, to $2.9664/gallon.

It’s hard to believe that summer’s heat (and hurricane season) is almost here. As the calendar turns to another month it’s often quite interesting to take a look back at the past month to see which trends may be in for a switch. One phrase comes to mind that perfectly sums up April’s market action: A reversal of fortune!

For years, I’ve been telling hushed, incredulous audiences around the world that oil prices were headed higher – much higher. I consistently list three causes: Supply, demand, and interruption.

On the fifth anniversary of the declaration of “Mission Accomplished” in Iraq, Iran has taken the same fateful financial step that by some accounts sealed the fate of Saddam Hussein.