Oil: Hits $100 -- Again -- Even I Am Surprised

Updates

The original post was posted one minute ago. I see now that the price of oil just went over $100, and the stock market is surging.

Original Post

The price of oil will fluctuate significantly but at the moment, oil is up $1.42, almost hitting $100.

My hunch: $100 is a psychological barrier and once that is hit again, we will see some scary numbers.

Remember, six months ago, "they" were predicting much higher prices for oil this summer, which have not yet materialized. "Everyone" agrees that average price for WTI oil for 2011 will be $100. If so, the price has to go up a fair amount since we've been below $100 for most of the year.

The SPR release -- all 17 hours of global consumption -- must have worked its way through the system by now.

CVX may hit a new 52-week high today. KOG down a bit at the moment (profit-taking, no doubt). EOG up. HES up. CLR up.