According to Yahoo!News:
A year ago, rising demand and a string of refinery outages had raised concerns about supplies. Now, the soaring price of crude oil is the culprit, propelling gas higher even though supplies are at 15-year highs.
On Tuesday, light sweet crude for April delivery surged to a new record of $109.72 on the New York Mercantile Exchange before falling after the International Energy Agency cut its forecasts for crude consumption this year. In morning trading, crude futures fell 62 cents to $107.28 a barrel.
Where oil goes from here is anybody’s guess. Many analysts expect prices to moderate, while others predict oil could keep rising to $120 a barrel, or higher. And with demand for gas expected to rise as warm weather arrives, analysts say prices will likely spike as high as $3.50 to $3.75 a gallon, regardless of what happens with oil prices.
- The chart above shows that the night is still young tonight, it can go either way and bounce back up again. I having flu now so I try to make it short, my gut feeling tells me that it’s going to be a steep movement tonight.
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