Oil Strikes Another High…

by BWK ~ May 8, 2008

This just in from the 5 Minute Forecast…

Oil struck another high note yesterday, this time above $122.

The already jittery oil market snapped to just below its new high on escalating violence in Nigeria. Recent output statistics show the strife there is having more of an impact than expected. Nigerian production is now 1.8 million barrels a day — its lowest level since 1999.

That news brought oil to $121. Then Goldman Sachs released this statement:

“We believe the current energy crisis may be coming to a head… lack of adequate supply growth is becoming apparent and resulting in needed demand rationing in the OECD areas, in particular, the United States.”

Oil at $122 followed soon after.

Goldman analysts say a possible “super-spike” might be in the cards, thrusting oil to $200 a barrel as the current energy rally crescendos.

For more information from the 5min guys click below:

http://www.agorafinancial.com/5min/

Until we meet again,

Byron King

Note: Byron King is a frequent contributor to the free e-letter Whiskey & Gunpowder. To receive daily insights into energy, oil, commodities and other natural resources sign up here!

Additional Resources:
Oil Going Up - Where Will This Elevator Stop?
Russia Has Peaked… Oil Decline In Siberia
The U.S. Oil Supply - A Look At Our Future Oil Needs
Oil Reaches A New High - Time For A Correction or $120 Oil?
Meanwhile, Out in the Oil Patch…
Peak Oil and the Sands of Time
The Debate About $100 Oil…
Brazil’s Recent Oil Discovery
$225 Per Barrel - The New Gov’t Standard For Oil
Who Thinks Oil Will Correct To $60…