How quickly people forget that 56.00 per barrel oil is quite normal. After all we actually had oil priced very briefly at 26 dollars per barrel less than three years ago! And while I beleive lower prices lie ahead (sentiment is NOT bullish), the 45.00 level would be very interesting to me if sentiment swings at that level. There is going to be a good buying area and money is going to be made going loing oil. I last bought oil at 30 in early 2016 to sell it in June of '16 at 50.00.
Oil is going to go lower in part due to serious recession in China that will spread elsewhere very soon. Ah, the law of supply and demand. You'll here of oil glut, overproduction and the Saudi's talking out of both sides of their mouth at the same time. Then my friends if you think there will not be serious trouble in the mid- east again probably surrounding IRAN think twice. There will be a great buy in oil and we hope to nail that one. Stay tuned.
Of course we look at probability. See the chart above. Just twenty years ago oil was a shade over 10.00 per barrel! Anything is possible.
Have a great day. And thank you....