I felt fairly strongly a week ago that gas would rise, and it did. About 10% by the end of the week. I think that this trend will continue into the summer. The next downward drop that we can expect will be in September time frame I think. Then we should be back on the rise until the new year. In any case, I don’t expect that gas will go above 7$ any time in the next year or so. The rig drops should be adding up now. This should show in market over summer.
Oil had a fairly incredible month. Don’t forget though that the dollar had a fairly incredible drop. I think oil is way overbought. I would expect a drop sometime in the next few weeks. 70$ is an incredible mental boundary at this point. Perhaps we can expect to see a market sell off in June as well. Fools Rally I say.