… and that begs the question of where to next? Crude cannot sustain this advance indefinitely. With the month only 9 days old — yes, some like it hot, some like it cold, some like it in the barrel 9 days old — WTI light sweet is up a stupendous 11% month to date! Thus, the rise has become quite parabolic and the danger of a short and sharp correction should be a part of every trader’s thinking. (See our crude trading range upgrade from mid-April a few posts below.)

Lesson learned from this recent leg up? 87 mln is the number to remember. 87 million is about DAILY world consumption of barrels of black gold. 87 MILLION 42-gallon barrels of crude on the wall.. you take one down, pass it around…

Pundits have been puzzled by how …