$50 to be the new norm, page-4

I think we'll be looking at $100 oil again in 12-18 months. The Saudis are a greedy lot. The past few days looked like a classic short squeeze at month end, leading into a new month. A major repositioning if you will with some profit-taking on otherwise under-par economic data. $70-$80 is actually WPL's sweet spot based on past reports, as they sold more because of higher demand. Not sure if it still holds true. However when 90% of the market is calling for $140 or $200 oil, I like to be on the other side of that trade. Same goes when they are calling for $10, $20 or $30. Timing the permanent bounce is never easy.