You just know that the scoundrels who rig the energy markets and who have transformed them into a flighty carnival game have gone clueless when your editor cannot find a good place to plant an ‘A’ high or low on a NYMEX chart.  Even so, we got the big picture right intuitively by not buying into the steep, fleeting rally that occurred after the Saudis took a pot-shot at Biden by ostentatiously cutting output. It is ultimately demand for crude that causes its price to rise, not the curtailment of supply. With the world economy sinking into stagflation-at-best, a surge in energy demand seems unlikely. Ordinarily, I rarely post a tout without putting a number in it that you can trade. In this case, however, I’ll say that the July contract is just a trade and leave it at that. _______ UPDATE (May 2, 10:41 p.m.): Wheeee! Isn’t this fun? It’s probably time for another threatening PR release from the cartel that couldn’t shoot straight.