The actual crude oil market is a relatively small one, compared to the oil commodities exchange, and everybody not paying attention to world economic conditions wants to be in Oil. This causes pretty drastic price swings and we are at the top of one right now.
The demand for oil worldwide continues to fall.
The capacity to store oil around the world is nearing completely full.
They are continuing to produce oil in anticipation of a soon economic recovery.
We are either at the bottom, or nearing the beginning of the second down-slope, of an L-shaped worldwide depression.
There is shortly going to be a glut of oil on the supply side and continuing-to-fall demand. Sell your contracts now, if you can. Do NOT lock in your winter delivery price yet, if you haven't already. There may be another spike when winter comes again and the same fools see a modest increase in price, but it will also have nothing under it.
That's my $0.02 anyhow.
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