I have a gut feeling also and it tells me that we are far from an oil price bottom and the completion of a large worldwide inventory build. What is happening is very different to before when OPEC cut production and is similar to 1998, when OPEC refused to cut supply. This of course led to the dot.com crash two years later. I believe lower oil prices are symptomatic of a much larger correction coming in asset prices (in particular the worldwide derivative bubble - which isn't backed by FDIC insurance unlike the 2008 sub-prime crisis). As usual this decline is led by oil, so I will sit and wait for lower prices which I have no doubt will come. I certainly don't see $100 next week so why rush?
Oil Crash, page-137
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