In the energy market Tuesday, crude for June delivery plummeted, falling to $115.63, down $3.12. June reformulated gasoline fell 9.15 cents, to $2.9392/gallon.

In the energy market Monday, crude for June delivery spiked higher, shooting to yet another record intraday high of $119.93 before easing to close at $118.75/barrel, up 23 cents. June reformulated gasoline fell 2.3 cents, to $3.0307/gallon.

Sohu Soars on 156% Jump in Revenue; Price of Crude Can’t be Contained; Kerkorian Riding Shotgun at Ford; Verizon Gets a Boost From Wireless Business; Visa Profit Up 28%; BoA to Modify $40 Billion in Loans; Corn Continues to Grow in Price; Questar’s Piping Hot Earnings Report.

Why? Because it could make us all rich. Oil is now just a whisker shy of $120 – some even think it will hit $150 this year. So, forget the bleating about pain at the pump – the rising price of black gold should be a shot in the arm for the Profit Hunter portfolio.

Different week, same three “Fs”. Food, fuel, and finance. We mentioned a few weeks ago that these three investment themes intersect, interconnect, and generally get all tangled up. Expect more tangling this week. Let’s try to untangle them a bit for you today.

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The Kingdom of Saudi Arabia is the world’s leading petroleum exporter. Officially, it has reserves of about 260 billion barrels of crude oil – approximately 24% of the world’s total proven petroleum reserves.

A recent story in the Financial Times covered the possibility that Nigeria’s crude oil output could fall by a third in the next seven years. The problem is, Nigeria is one of the top five foreign oil suppliers to the U.S.

This from Bloomberg:

Royal Dutch Shell Plc said a militant attack on a pipeline has cut as much as 169,000 barrels a day of Nigeria’s Bonny Light crude production as rebels claimed responsibility for two more strikes today.

Crude futures contracts in New York have hit fresh highs of $117+ a barrel on the news of the attacks. Crude oil prices climbed to a new record after Shell said exports would be cut — the highest since futures started in 1983.

In the energy market Friday, crude for May delivery resumed its upward arc, closing at $116.69/barrel, up $1.83. May reformulated gasoline gained 3.15 cents and inched closer to the $3 mark, ending at $2.9893/gallon.

It takes a big man to admit when he’s wrong – and, when it comes to the oil business, there doesn’t come any bigger than T Boone Pickens.