[CoachT]

Here we go again. Just like I called it last year oil has peaked again. Watch the next few weeks for a big down turn.

[TheDude]

Why?

[mefistofeles]

You mean $68?

[eastbay]

All the way to $68. That's a huge drop. Wow. What next? $67.90?

[vision-master]

$this->bbcode_second_pass_quote('CoachT', 'H')ere we go again. Just like I called it last year oil has peaked again. Watch the next few weeks for a big down turn.

[yeahbut]

$this->bbcode_second_pass_quote('CoachT', 'H')ere we go again. Just like I called it last year oil has peaked again. Watch the next few weeks for a big down turn.

[Daniel_Plainview]

$this->bbcode_second_pass_quote('CoachT', '[')size=200]Just like I called it last year[/size] oil has peaked again.

[copious.abundance]

CoachT did a good job of calling the crash including all the way down to the $40's, but his prediction it would go down to $20 by May did not pan out.

[vision-master]

Those stripper wells will make up the difference.

[mefistofeles]

$this->bbcode_second_pass_quote('', 'T')his is ridiculous. Any calls for other than an incidental short-term oil-price collapse must predicated upon a social/demand implosion. One must be aware that Mexico is collapsing. Mustn't one?

[yeahbut]

$this->bbcode_second_pass_quote('OilFinder2', 'C')oachT did a good job of calling the crash including all the way down to the $40's, but his prediction it would go down to $20 by May did not pan out.

[Daniel_Plainview]

$this->bbcode_second_pass_quote('pstarr', 'T')his is ridiculous. Any calls for other than an incidental short-term oil-price collapse must predicated upon a social/demand implosion. One must be aware that Mexico is collapsing. Mustn't one?

[Blacksmith]

I was wrong last time and I am probably wrong this time , but I think oil will be $80US per barrel by the end of the year. Natural Gas is a different story, down to $2.50 per MCF by years end.

[AirlinePilot]

We may very well see a defaltionary spiral, and yes oil could go well below where it is. Do not doubt that at all. We are rapidly approaching some sort of "event horizon" where we see a few things laid bare. I see three things which need to be addressed either by getting in front of them, or they get worked through by collpase of certain systems.

1. Bank Asset fraud

2. Deflationary spiral (followed by another very large leg down in both US and global markets) This is coupled with a bond market dislocation.

3. Dollar collapse.

Each one has its problems and we dont know about a timeline, but one of those is how this crap gets played out. I doubt presently that we have the leadership ability in either finance or government to sidestep the many landmines leading to big problems. While it may be possible to solve all of them, it will be nothing short of miraculous for this to occur.
In any event oil has a very large chance to pullback in the nearer term. if you can hang on though, long term looks very bullish for both Oil and NG. I'm talking about outside 3-5 years here.

[davep]

$this->bbcode_second_pass_quote('yeahbut', '')$this->bbcode_second_pass_quote('OilFinder2', 'C')oachT did a good job of calling the crash including all the way down to the $40's, but his prediction it would go down to $20 by May did not pan out.

[CoachT]

Take your blinders off. Demand is down and will continue to drop especially below last year.
Transportation companies are moving tremendously less volume (trucking, railroads, airlines, ships, etc).
Airlines are flying less flights. This quarter is expected to be less than 2001. (If you don't remember 2001 flights almost came to a stand still.)
Employment world wide is the lowest it has been in years and still dropping. Car usage for traveling to work, pleasure, etc has been drastically reduced. People are lowering their thermostats to save money.
Russia's only source of money is to produce more oil and other countries are starting to ignore production quotas.
You all laughed last year but I had the last laugh. Remember I called the downturn at $140.
Think about it and have a good nights sleep.
Talk to you in a few weeks.

[FireJack]

"Russia's only source of money is to produce more oil and other countries are starting to ignore production quotas."

What if Russia oil production drops and other countries have always ignored production quotas. When I look at the collapse of the north sea and mexican oil production rates I can't help but get the sinking feeling that demand will not drop fast enough.

[TheDude]

$this->bbcode_second_pass_quote('CoachT', 'A')irlines are flying less flights. This quarter is expected to be less than 2001. (If you don't remember 2001 flights almost came to a stand still.)

[yesplease]

$this->bbcode_second_pass_quote('TheDude', 'T')his begs the question of what has been propping up the crude price in the first place, and why OPEC couldn't just cut more output to defend whatever price they like.