I thought that October crude oil would rally a couple of dollars from last week's low but the market has rallied more than three dollars. As you can see from the hourly chart above this post October crude has moved to the top of its current box. I think the next big move from here will be downward.
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I've done a back-of-the-envelope calculation on what the whole area of raw energy supplies (oil, gas, coal, etc) has increased by and come up with the startling figure that as oil has gone from $30/bbl to $60/bbl this energy area has grown in present value by $17 trillion. Now, that's a bubble but all we hear is how high oil can still go.
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