[VMarcHart]

There's an economic rule of thumb that says a commodity lose value near the end of its life, ie the black-and-white TV, but it assumes there's a replacement, in this case, the color TV.

I doubt we'll be out of oil in 3 years, and that we'll have found a replacement.

That said, I'd like a little bit of whatever Mr. Petak is smoking.

I just thought I'd bump up this thread from a few months ago to read some of the responses. And it looks like Mr. Petak in the opening article, like me in the other thread, was a bit conservative as to when it would occur.

$this->bbcode_second_pass_quote('alpha480v', 'N')o way it's going to $70 again.

[Daniel_Plainview]

Ahhh. This thread is good for a nice morning laugh.

[skeptik]

Amazing what financial de-leveraging and a global economic downturn can do in such a short time.

According to Lloyds List, oil tanker rates are heading south. That means less oil is being shipped internationally.

[VMarcHart]

$this->bbcode_second_pass_quote('OilFinder2', 'I') just thought I'd bump up this thread from a few months ago to read some of the responses. And it looks like Mr. Petak in the opening article, like...$this->bbcode_second_pass_quote('VMarcHart', 'T')hat said, I'd like a little bit of whatever Mr. Petak is smoking.

[shortonsense]

$this->bbcode_second_pass_quote('OilFinder2', 'I') just thought I'd bump up this thread from a few months ago to read some of the responses. And it looks like Mr. Petak in the opening article, like me in the other thread, was a bit conservative as to when it would occur.

$this->bbcode_second_pass_quote('alpha480v', 'N')o way it's going to $70 again.

[copious.abundance]

$this->bbcode_second_pass_quote('shortonsense', 'O')ilfinder, this was just plain MEAN!!! Poor Roc is out there somewhere, hiding in some bunker counting and weighing his silver, waiting for a few billion to die, and whats been going on? I'M PLANNING A ROADTRIP BABY!!!!! Gas prices here are changing twice a day...DOWN....as of late.

[Revi]

I'd like to make a WAG. I think we've hit the bottom and oil will start to head back up now that it's gone below $70 a barrel.

The reasons are that the Northern Hemisphere is going into winter, people will start to heat their houses again.

The dollar will start to tank again once everybody pulls the money out of the mattress.

Opec is cutting production next week.

What do you think will happen?

[shortonsense]

$this->bbcode_second_pass_quote('Revi', 'I')'d like to make a WAG. I think we've hit the bottom and oil will start to head back up now that it's gone below $70 a barrel.

The reasons are that the Northern Hemisphere is going into winter, people will start to heat their houses again.

The dollar will start to tank again once everybody pulls the money out of the mattress.

Opec is cutting production next week.

What do you think will happen?

[Narz]

I have to admit I got a chuckle out of this thread.

Even though I was silly enough to buy silver & not sell it a few months after when it peaked at $22 (or so) an ounce.

[wisconsin_cur]

$this->bbcode_second_pass_quote('OilFinder2', '')$this->bbcode_second_pass_quote('shortonsense', 'O')ilfinder, this was just plain MEAN!!! Poor Roc is out there somewhere, hiding in some bunker counting and weighing his silver, waiting for a few billion to die, and whats been going on? I'M PLANNING A ROADTRIP BABY!!!!! Gas prices here are changing twice a day...DOWN....as of late.

[wisconsin_cur]

There is also this nice thread where we read another opinion from May when prices were still on their way up.

$this->bbcode_second_pass_quote('', 'A')nybody else getting the impression that this increase in oil prices is too much too soon? I think the market is being tested for demand destruction ...

[copious.abundance]

$this->bbcode_second_pass_quote('wisconsin_cur', '
')At least some are better at admitting they are wrong than others.

$this->bbcode_second_pass_quote('wisconsin_cur', 'T')here is also this nice thread where we read another opinion from May when prices were still on their way up.

$this->bbcode_second_pass_quote('', 'A')nybody else getting the impression that this increase in oil prices is too much too soon? I think the market is being tested for demand destruction ...

[shortonsense]

$this->bbcode_second_pass_quote('OilFinder2', '
')I never said that ALL peaker/doomers here got it wrong, did I? No, obviously some are smarter than others.

[wisconsin_cur]

$this->bbcode_second_pass_quote('OilFinder2', '')$this->bbcode_second_pass_quote('wisconsin_cur', '
')At least some are better at admitting they are wrong than others.

[wisconsin_cur]

$this->bbcode_second_pass_quote('OilFinder2', '')$this->bbcode_second_pass_quote('wisconsin_cur', 'T')here is also this nice thread where we read another opinion from May when prices were still on their way up.

$this->bbcode_second_pass_quote('', 'A')nybody else getting the impression that this increase in oil prices is too much too soon? I think the market is being tested for demand destruction ...

[raisinbran]

$this->bbcode_second_pass_quote('Bas', '[')i]if we ever see $70 again (which I highly doubt)due to demand destruction it will never be for long as supply decline will force the prices right upto where sustained demand destruction takes place, and that probably can only occur with an ever increasing price.

IOW I believe that Petak's models are outdated and are based, probably, on growing supply.

[crudeoilfutures1]

I agree with you Mr.Worries.Everyone has an oil price prediction now-a-days.This is because the raise in crude oil prices.

[Revi]

It may go back up again. Clive Maund feels that it may be at the bottom and a weakening dollar may drive it back up again:

http://www.321energy.com/editorials/mau ... 11908.html

$56 is supposed to be the floor, and it has held around there for a week or so now. Are we at the bottom? Who knows?

It could start to creep back up now. We are going to have a winter, and that will burn off a lot of the excess distillates.

We'll see what happens.