I was just stating my view that I am growing worried about oil moving back up. I have a hard time believing oil will hit $149 and I am dubious of Goldman Sachs considering they have large bets on commodities. Having said that, oil seems to be consolidating around the $115 level. When I wrote the post, oil had actually gone over $117 and seemed to have momentum.

This was the third straight day oil had been up and it seemed that the short financial/long commodities trade was getting started again. Fortunately, we got lucky with the oil inventory report issued at 10:30 this morning. There was an unexpected build of 9 million barrels of oil. The build reinforced the notion that demand for oil is going down.

My intent wasn't to to stir up a bunch of unhappiness. I'm just worried oil is ready to move higher. Notice I said higher, but not record high. I was just voicing my view/concern/worry.