RE:RE:RE:RE:RE:RE:RE:RE:Oil continuing slide overnightThere are plenty of "logical" reasons for oil to go up OR down. There are risks on both sides of the trade. The glut is actually very small relative to the magnitude of the price decline. Compare to the 80's when the glut was approximately 20%. The current glut is less than 2%. The big risk to the downside is the strength of the global economy - if the wheels fall off then the glut will grow. If not, then the glut could be gone by Q4. And there is almost no spare capacity and very little in the pipeline due to capital cuts - so IF the global economy keeps chugging along, the long term prospect for oil are excellent.
You can listen to the experts if you want - they are right about 50% of the time.
The only thing we know for sure is that there will be volatility - and therein lies the opportunity in the short term.
If you are so bearish on oil, why was it that you were holding BTE not long ago (I recall you said you sold around $3)