As of 9:35pm AEST - Oil is down $1.61 or 1.39 per cent to...

As of 9:35pm AEST - Oil is down $1.61 or 1.39 per cent to US$113.85. Earlier in the morning it touched US$118.

What fundamentals? What supply/demand imbalance? There is a mammoth hurricane that is poised to destroy US oil rigs and nearly a quarter of the country's production - SO OIL GOES DOWN?

This market barely has any support for buyers and is waiting for a seriously sharp slide back to US$80.

The euphoria earlier this year was a Wall St April fool's joke that lasted several months.

PS - Gann, you were going to show me that prices are supposed to be at this level?