#1 Oil Bull now short

Quote from ByLoSellHi:

The Chinese Olympics will mark the beginning of the great crude oil crash of 2008.

If today's lack of enthusiasm in response to a 5.1 million barrel depletion in crude oil stocks doesn't signal a hugely bearish signal on crude, than I really don't have a clue as to what will.

Oil has not rallied significantly on the above, Iran's missile tests, Israel's war games, Nigerian issues, Alaskan supply issues, etc., etc.

And that, my crude loving friends, is quite bearish, indeed.
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Quoting myself here from yesterday, because today's Financial Times has a great piece that hits on some of the same themes (mainly, that oil is not only in a bubble, but a tremendous and 'Chinese-centric' one, at that).

http://www.ft.com/cms/s/e3216bae-4d...html&_i_referer=http://www.ft.com/home/europe
 
Almost exactly two months after he said 'never again $100', Brent hit $99

However maybe the #1 oil bull meant WTI.

A couple more hedgefunds need to blow up then we can go back up sometime after the election.
 
NYMEX traded $99


Quote from dividend:

Oil will not fall below $100 again: Pickens
Tue Jul 8, 2008 6:35pm EDT

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NEW YORK (Reuters) - Oil tycoon T. Boone Pickens said on Tuesday crude prices will not fall below $100 a barrel again and that the United States should invest more in natural gas to cut dependence on foreign oil.
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A measured-move projects down to $86.00 which is interestingly enough where the whole thing blasted off from back around February 11th.

By Wednesday, the Paralympics in Beijing will be over with and industry will be back up and running in the five provinces surrounding Beijing.
 

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Make that $91.94

And they said it could never happen.



Oil falls below $92 a barrel in Asia on fears US credit crisis will hurt global crude demand

SINGAPORE (AP) -- Oil prices plummeted Tuesday in Asia, falling below $92 a barrel as investors feared the U.S. credit crisis that brought down brokerage giant Lehman Brothers will drag on global economic growth and restrain demand for crude.

Light, sweet crude for October delivery tumbled $3.77 to $91.94 a barrel in electronic trading on the New York Mercantile Exchange midday in Singapore. The contract fell $5.47 overnight to settle at $95.71, the first time oil closed below $100 since March 4.
 
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