Is An Oil Super Spike On The Horizon?

This morning the United States Gasoline Fund (NYSE:UGA) is trading higher by 0.93 cents to $45.87 a share. This is a new 52 week high for the UGA which continues to trade higher with oil. When gasoline prices increase at the pump it is a direct tax on the U.S. consumer.

The United States Oil Fund (NYSE:USO) is trading higher this morning by 0.73 cents to $39.22 a share. The move higher in crude comes as the oil producing nations such as Libya are on the verge of a revolution. Saudi Arabia has told the United States that it can produce the lost oil from Libya’s disruption. Many traders and investors are now wondering when the people may revolt again the Saudi Arabian ruler-ship. Should Saudi Arabia come under civil unrest oil could see a super spike. Everyone should still remember the super spike in oil in July 2008 and it’s effect on the economy.

About Nicholas Santiago 576 Articles

Affiliation: InTheMoneyStocks.com

Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He managed money for a large, affluent private client group. After applying his knowledge to his client base, he decided it was time to begin teaching those interested in learning his methods. He is an expert in Technical Analysis. He has become an accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.Com and realize his dream of educating others about the truth of the markets.

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1 Comment on Is An Oil Super Spike On The Horizon?

  1. unemployment will somewhere north of 11% by fall.high unemployment works as a counter balance to high oil, so the numbers just don’t add up

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