Oil Update

In after-hours trading, light sweet crude for August delivery hit $76.70. Yes you read that right. So long as the oil market is plagued with uncertainty about the Middle East, especially Iran and Israel, and continued unrest in Nigeria where oil facilities today exploded in what some are alleging is sabotage. Such production shocks are of course only exacerbated by growing market demand in India and China and a stagnating supply; no fields on the scale of Saudi or the Permian Basin have been discovered in decades. I'll try to do a longer piece on oil and how we might decrease the price this weekend, assuming things in Gaza/Israel/Lebanon/(Syria)/(Iran) settle down a bit.