The Nymex crude oil market is seeing prices rise sharply again, with prices trading over $110 a barrel. However, it’s my bias that oil prices will not surpass the spike high of $130.50, basis nearby futures, seen three weeks ago. Across the raw commodity spectrum, spike price highs were made at the start of the Russia-Ukraine war, when trader and investor anxiety was arguably the highest. It’s also my bias that most of those commodity markets that spiked up will not see their spike highs taken out on the upside. Stay tuned! —Jim Wyckoff