Well, considering this is a message board... Right?
The chinese are in no better shape. How can you make a comment that says that China and India will NOT park their cars?
Latest reports stating that orders from the U.S. and Europe for Chinese goods are down 40%. Same for India. Factories are closing down.
If you do not have a job to drive to, you cannot possibly have a demand for oil. China has the same problem (employment wise) as the U.S.
Keep banging that LONG position. WHEN and ONLY WHEN that the U.S. and other industrial giants revover is when you should go LONG in oil.
Right now? This is dead money. Yeah, you can gamble and predict the bottom of this market. But, wouldn't it be smarter to sit on the sidelines and wait? And miss the first few weeks of the UP market?
BTW, I am neither for or against the price of oil going down. I, like others have significantly cut back on my consumption. No more day trips to the mall. Or for that matter, I car pool NOW. And that is WITH a car that gets 33 mpg. And I only drive 21 miles one way. An inconvenience. But a necessary evil.
As a homeowner that heats on oil, I welcome the price drop. But I also am a person that also believes that this is all temporary. But we will definitely NOT see speculators with credit run the market up like they did in July.
Actually yes at least part of the time or more often, just like North Americans. But that is short term, longer term you are right demand will start to grow again. Its also about India and Eastern Europe. Car sales in the former Soviet Union and eastern European countries have grown a lot as well. Having said all that the excess or fat in the demand in North america sitll out weights growth in the near term. My guess is bottom happens in the next 6 months. There are still issues short term that can spike the price of oil higher such as conflict, but one should not count on that, its the long term that looks for higher oil.