See UT sunday business section, Dean Calbreath article. Sorry don’t know how to get it tied in here, maybe someone else can help with that.

He says oil should not be over about $ 78 – 80 at present and lots of speculation, hyping, manipulation going on so hedge funds, etc can make money.

It appears that in short term he is very much on. I suspect that there is a pump going on to push the price of oil up to $ 105 – $ 112 trying to set up a supposed new base level. Then a dump which will take it down to about $ 80 for the next period ( 3 – 9 months ? ).

Those shorting or positioned to benefit from the drop will make money. Then repositioning to go long and watch as the price reclimbs in the face of real “peak oil”. I wouldn’t be surprised if this cycle repeats a number of times till a break out on the high side.

How do others who follow oil think this will play out? Do we need to start a new thread just on oil futures?