Crude Oil Looks Gassed - Another Bearish Sign?

Crude oil is looking gassed - is it in the process of topping?

Over on our sister site, we explore what's happening to crude - and why this may be bearish for oil prices.

Does crude oil have anything left in the tank?  (Source: StockCharts.com)

Oil Prices Get Rocked - Again!

It's been a tough couple of trading sessions for oil, as it's gotten walloped both days.  This is not a pretty chart towards the right, at least for oil bulls: 

Source: Barchart.com

Make no mistake, Peak Oil or not, the black goo has had a helluva run - from the $35, all the way up to $85 recently.  That's nothing to sneeze at, though less impressive when viewed with respect to it's freefall from $150.

If you believe that a severe stock market decline is on the horizon - as I do - then you probably also find oil's recent price action quite disconcerting.  It's gotten clobbered right along with equities.  If you're looking for a commodity that has held up fairly well, check out gold's recent performance.

PS: If you're not getting our Daily Investing Updates, you're missing out!  You can sign up for FREE here.  These updates are courtesy of our new blog that features Contrarian Investing News.

$20 Oil Just Around the Corner? Energy Expert Predicts It

Crude oil expert Philip Verleger, who correctly predicted oil would hit $100 back in 2007, is now forecasting $20...this year!

Verleger says that supply is outpacing demand by 1 million barrels a day - and with the global economy not really improving, a warm winter could prove to be "devastating" for oil prices.

This jives with the outlook for crude that we looked at last Friday - there's just too much of it right now!

I imagine that $20 oil would probably destroy commodity prices across the board. Be very careful with your long positions, and if you are enterprising/brave, there may be some great short plays to be had in the very near future.

Hat tip to our friends at The Daily Crux for this nice find.