"Oil prices have moved up impressively in the recent past, up almost 18% in the last four weeks alone, and currently at the highest point in 2009 at close to $58 a barrel."

Unfortunately gasoline prices have also increased about 20%. I wonder if Connacher will look for another hedge around $60? We could have Rolling Hedges, set up a new one every quarter ... not sure what would happen on the way down though.

"There is limited, if any, fundamentals support in oil's supply and demand data."

That bothers me also. Apparently driven once again by speculation ... this time that the economy has begun to turn ... not sure about that. Also the US dollar has been dropping, positively impacting commodity prices. Agree 100% with the positive comments about OPEC's stewardship, they've acted very responsibly.

This is the third time this week I've seen comments about "green shoots" ... what the heck are those, environmentalists?