Tuesday ended as an historic day on Wall Street as oil landed above $129 a barrel.
Prices spiked higher on the back of supply concerns and they could go significantly higher.
In an exclusive CNBC interview legendary oil investor Boone Pickens revealed that he sees crude going to $150.
"Eighty-five million barrels of oil a day is all the world can produce, and the demand is 87 million," he said. "It's just that simple. It doesn't have anything to do with the value of the dollar."
The back end of the future curves appear to be driving the market, according to Addison Armstrong, Director of Market Research at Tradition Energy. They’re really being bid up strong on supply concerns.
What’s your best energy trade?
"Until the trend is broken I can’t see how anyone can fight it. There is so much money chasing returns that I think the play is going to be in place for a long time," Armstrong says.