[ignorancerunsrampant]

Crude is going to $17 quickly. I said in July [documented] that we were putting in a 17 year high and that we would return to $40.00 [Goldman, the same week called for $200.00].

I know that OPEC is cutting supplies trying to boost it to $75.00. It won't happen. These guys have lost a crap load of revenue [and they cheat each other]. With a slowing global demand, price has to follow demand. That causes the seller to sell even more to meet revenue needs. More supply pushes prices even lower. I say $17 first, followed by a $20-$30 range.

The only thing that scares me about my call is that Merrill is now calling for $30.00

[mel]

I thougt we were at peak oil :)

[Polynikes]

I basically agree with you but expect the bottom in the 20-25 range. Either way the price drop is turning the economic screws on Iran/Venezuela/Russia. Once the bottom comes in I would be looking for mischief on their part to ratchet up the tension and drive price up. Probably will be the contrived test for O that Biden talked about.

[org.whodat]

The only thing that scares me about my call is that Merrill is now calling for $30.00

I think we should trade merrill to the Saudis for oil!!! If they don't want too much cash, for taking merrill.

[shaft29]

Thanks, Forrest.