Oil down another $5 so far this morning

[ThomWV]

Go ahead, deny it.

[Zynx]

1. You were absolutely right about oil and commodities in general.

They are economically sensitive and would never survive a global downturn like we are going to experience.

[NMDemDist2]

2. Thank DAWG GW* opened up that off shore oil thingie eh?

:sarcasm: (just in case it's not obvious to some... )

[MannyGoldstein]

3. Finally, The Bubble's Popping

About time.

[Tandalayo_Scheisskopf]

4. I would not go that far. Yet.

It's all good news but some very big players are gonna offer a shitload of resistance to these drops. You are also gonna have naifs and fools trying to time the markets to jump back in with a big move. Those are the ones who could get badly burnt.

[Warpy]

5. This isn't exactly great news

since it most likely represents a bunch of banks shedding anything they can turn into quick cash for their balance sheets.

When bubbles burst, it's always the latest investors who get hurt, the ones who bought into the psychology that the bubble would keep expanding forever.

The big institutional speculators are now out.

[Speck Tater]

6. So the $30 or so of froth due to speculation is blowing off.

Surf's up. Ride the waves. But the tide is still rolling in, and the glaciers are still melting. It will be a bumpy ride, but sea level will continue to rise in the long term.

One thing that peak oil folks have been predicting all along is extreme volatility in prices. That means speculators driving prices up AND down. But these fluctuations are still against a relentless backdrop of ever-increasing prices.

[mmonk]

7. Yep, my bet paid off. I switched to some transportation stocks

recently betting on lower oil prices. J.B. Hunt reached $2 off its high today.