by Lee Lowell, Futures Options & Commodities Specialist, Smart Profits Report

If you’ve noticed price spikes at the gas pump lately, it’s not just because of the recent Memorial Day holiday or the onset of summer.

It would appear that the energy market has finally found its bull horns and its ready to charge forward.

Let’s take a look, starting with the key driver - oil…

Close To $70… With $80 In Its Sights

Over the past couple of weeks, crude oil futures have embarked on a solid upside run. The price is now getting very close to reaching our projected target of $70 from my last issue.

But this could just be the beginning…

The current front-month crude oil futures contract is now July - and it’s continued on the upside path after the June 2009 contract expired.

Looking at the daily chart below, you can see how it’s met its current upside target of $66.50 a barrel, which is where the 200-day moving average rests (green line).

We might still see a breather here, or even a pullback, but if the oil market moves convincingly above the current area, we could see prices shoot up towards the $80 level just as easily.

If you’re considering playing the oil market, check out United States Oil (NYSE: USO), a very liquid and very popular ETF that mimics the moves of the crude oil futures you’d find on the NYMEX.

And because it’s an ETF, you can trade it in a normal stock brokerage account. It also has options contracts available.