What do you think of the oil "bubble" burst?

Question

It's amazing how just one month ago there was a huge supply and demand issue with oil. It's also amazing how now there is no supply and demand issue. (sarcasim) You can view all my previous questions and comments. I said it; there was no supply and demand issue. It was all the speculators and amatuer investors pouring money into oil that was driving the price sky high. You had "experts" saying oil could hit $200 a barrel because of the world supply and demand. Now these same "experts" are saying that oil could drop to $117 a barrel by the end of the week and eventually be down to $100 a barrel. What a joke!!

Answer 1

the price drop is due to demand destruction.  the price will continue to rise in my opinion because the fundamentals are still strong for a bull run.

Answer 2

No one is an expert on this or any commodity. All commodities overplay their hands and go through blowoff stages. Oil was going parabolic and was bound to fall.

If you tried to make money on your prescience, you we're probably killed on the way up as oil went beyond your expectations. As the saying goes, "The markets are littered with the graves of those who were right too early."

Answer 3

The one fact that you forgot to state is that 4 weeks ago it was predicted that all comodities would fall and have a correction. This will be followed by another runup to new highs starting in mid August through early October. This runup will hold for quite some time. I for one belive this prediction will take place. The reports ive been seeing have been right on the money so far. Only time will tell if these reports are correct but Im not counting on these lower oil prices for very long. I think this is only a short term correction and will be followed by a major run up.

Answer 4

Well clearly this is just your ranting but you're not incorrect. Nearly everything in the modern stock market can be altered simply with ghost trades and speculations. Oil is the worst of the worst. Oil companies and car companies are just trying to eek as much money as they can from the consumers as possible before they are lawfully forced to release the clean; cheap technologies that they've had perfected for at least a decade if not two.