Anyone entering a new short position today will need balls of steel with oil near decade lows and giant swathes of the oil exploration and drilling industry mothballed while wells are depleting and naturally correcting the temporary tight oil supply glut from US tight oil field development made possible with oil price >$75.
We may in fact see a short squeeze and a brief oil price spike in coming months if Turkey with Saudi and US backing invades Syria and Northern Iraq to establish a new "Sunnistan" in the oil regions. The unofficial IS oil supply trucks into Turkey have been getting hammered lately from the air so Turkey may be forced to make the oil taken into Turkey an official supply channel with an occupying force as cover before the Syrians gain control on the ground with Russian air power. The Geneva Talks will be interesting, Assad making gains against the various fundamentalist rebels vs Turkey entry into Syria to stem that advance by Assad into the regions supplying black market oil to Turkey.
http://www.wsj.com/articles/joe-bid...-to-isis-fight-if-syria-talks-fail-1453565763
Good luck to all - especially shorters.
WPL now a short IMO, page-9
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