Remember just a week or two ago when oil bears — most of whom are commodities speculators playing with oil prices in the first place — said the lower levels of the sky, at least, might once again be the limit?
Well, it looks like you're wrong. Sadly, that's even as new drill rigs were cranked up in the Eagle Ford last week. And, with the US economy remaining relatively strong compared to much of the world, including the Chinese stock market imploding, prices are likely to stay muted, for the rest of this quarter and probably the rest of the year.
I don't have too much schadenfreude for Texas oilmen, especially independents, though those of you with some knowledge of shale geology knew what you were getting into.
I have plenty of schadenfreude for commodities speculators. Feel free to keep getting burned.
And, readers, feel free to vote in the poll at right.