In a July 8 feature, Boone Pickens told CNBC he’s sticking with $150 oil for 2008. But where did Lehman Bros. see oil?

Also on Tuesday, JP Morgan (JPM - Annual Report) said U.S. crude futures may hit $150 later this month, while Lehman Brothers (LEH) raised its oil price forecast to an average $127 a barrel for 2008 from its previous assumption of $105.

By Jason Simpkins Associate Editor Crude futures closed at yet another record high yesterday (Wednesday) after government data showed a decline in crude inventories. The news followed a separate report from the International Energy Agency that said oil supplies would remain tight through 2013. The U.S. Energy Department yesterday reported a decline of 2 million barrels in crude supplies last week. As a result, August crude climbed $2.60 to settle at an all-time high of $143.57 a barrel in New York. In a separate report, released Tuesday, the Paris-based IEA, said supplies of crude would remain tight for the next five years, as surging demand from emerging markets overwhelms a softening in developed countries. “Structural demand growth in developing countries and ongoing supply constraints continue to paint a tight market picture over the medium-term,” the IEA said in its Medium-Term Oil Market Report. ...

U.S. stocks swing higher as crude futures fall
So ran the closing headline from MarketWatch. Gee, oil prices were only $128 and I guess we can all relax now and buy some stocks. Once again, there’s a lot of low-yielding cash on the sidelines looking for “any” opportunity to get invested. This is the battle taking place between bulls and bears. Bulls’ cherry-pick the news they like and with all that cash subdue bears focused on crummy news from consumers and what may prove as false hopes from home price data. Ignored in home price data was that the previous month was adjusted lower while current data is seasonally adjusted–whatever that means.

I believe volume on this up day was even lighter than on Friday meaning many have taken an extended vacation. After all if you’re gonna …