With oil trading at $75/barrel, the commodity is down 48% from its highs just a few months ago. Remember all those people who said oil would never get back to double digits again? That prognostication didn't last long!
The irony here is that oil is down more than the stock market, but you don't hear anyone complaining about evil oil short sellers or begging for drastic supply cuts to halt the slide in prices. It all depends on the asset class when it comes to free market intervention.
Subscribe to Bespoke Premium to receive more in-depth research from Bespoke.
"begging for drastic supply cuts"
Only the boys from OPEC!
Posted by: Aristotle | October 15, 2008 at 04:31 PM
Oil traders have been unwinding like everyone else, it was getting too easy to make money buying oil futures... eventually the party has to end. The second major leg up will be brutal, if you believe in peak oil fundamentals.
Posted by: ScottyB | October 15, 2008 at 09:05 PM