Crude Oil

John Defterios: Crude oil and natural gas prices have been spiking across the boards. He says it is a rocket ship carabolic move higher that screams out for retracement. The economic damage could be significant in terms of economic contraction, which would hurt demand, he adds. But i do think this is not going to be any kind of wrecking machine, price wise for xange chevron, the diamond back energies and the rest - they're going to do fabulously if they stay above 80 bucks.