Jeff Kennedy, chief commodity analyst at Elliott Wave International thinks crude will drop to $16.70 a barrel; a level not seen since November 0f 2001.
Same guy said nat gas would drop to 2 and below. He nailed it.
If that happens we won't have time to celebrate we will have found out the mayans were right and the end of the world will be upon us...
The only thing that will make oil go to $16+ is a cataclysmic global depression, at that point the price of oil will be acellary.
You and the tooth fairy must be best of friends. No one believes this except the shorters and bashers. In reality, OPEC will simply say no and rerstrict supply. Chavez, if he lives much longer, would also say No to $16 crude. The price will remain between $80 and $120.
Crude supplies grew by 2.9 million barrels, or 0.7 percent, to 387.3 million barrels, which is 6.4% above year-ago levels, the Energy Department's Energy Information Administration said in its weekly report.
Analysts expected a drop of 600,000 barrels for the week ended June 15, according to Platts, the energy information arm of McGraw-Hill Cos.
Its just not that bad out there. His mistake is, the 2008 crisis was so bad, it made very deep blips on a chart, and as such, when you include that period, you get an erroneous result. IMO, 65 bottom near term, and that would be a difficut target to hit. More like 72 on average, for the 2012 low spot.