For those interested, the current 53% decline in oil without a 20% rally is by far the biggest drop the commodity has seen since we have daily pricing for going back to 1986. And this decline was preceded by a 37% drop from July 3rd to September 16th (the commodity had a 20%+ rally from 9/16 to 9/22). The total drop for oil since its peak on July 3rd now stands at 61.34%. The current environment is one where many records have been broken, and oil's record fall is just one of them.
Oil will come back very strongly because of the shortage coming and the peak oil behind us. look that (only in french but us a translator)
http://crofin.canalblog.com/archives/2008/11/10/11301799.html
Posted by: crofin | November 14, 2008 at 04:53 AM
It's a good time to buy oil E&Ps. One to look at: EGY. Plenty of cash on its balance sheet, and access to low cost-of-production oil in West Africa.
Posted by: DaveinHackensack | November 15, 2008 at 12:17 AM