In the energy market Wednesday, crude for June delivery continued on its rocket trajectory to a new closing record, finishing at $123.53/barrel, up $1.69, after an intraday peak of $123.75.

Poking through dusty ruins looking for our future. Greenspan and Bush accomplished a great feat…an explosion of spending that has blown up in our faces. The U.S. still on a slip-n-slide…and more!

Oil spiked up over $117 a barrel again today after an attack on a Japanese oil tanker off the coast of Yemen.

The oil market is jumpy with nearly any kind of dissruption causing higher prices. Gary White sees oil at $125 any day now. 

Meanwhile, Black Bear, in Taipan Daily, thinks that there is a good opportunity in natural gas which has yet to spike as much as crude oil and is due for sharp increases.

The oil market is supplied with enough crude.

This is the view of the group’s secretary-general, Abdullah al-Badri, expressed on Saturday during a visit to Iran.

“Oil supply to the market is enough and high oil prices are not due to a shortage of crude but rather it is because of the decrease in the dollar’s value, shortage of refinery capacity and some political tensions in the world,” said a-Badri, according to the Iranian state news agency.