Crude oil still racing towards $30 a barrel
Sam Adelton
Oct. 22, 2006

Crude oil is collapsing as I indicated in India Daily several months back. The question now is how can it go? In a major bear market it will have some sharp rally and that is coming soon. However, longer term crude is in deep trouble. Nature smiles and people lose money –it has happened many times. Most of the hedge fund and institutional investors positioned themselves into crude bull market thinking of storms after storm damaging the Gulf of Mexico oil extraction and refinery infrastructure. The storms never came. Oil went below $57 a barrel.

Oil fundamentally is ready to go test the low twenties. However before that happens many people will buy the commodity and start false rallies. A quick correction through a sharp rally of 7 to 20% is possible anytime. But the oil market is in trouble.

The economy is falling fast. The great Asian depression has started. US economy is about to cool although currently in a mode of slight acceleration.

The unexpected supply from oil companies, lack strategic reserve requirements from America, China and India, hedge funds capitulation –all are working towards making oil cheaper.

Crude oil still racing towards $30 a barrel
Sam Adelton
The unexpected supply from oil companies, lack strategic reserve requirements from America, China and India, hedge funds capitulation –all are working towards making oil cheaper.
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