Institutions and Hedgefund managers were bullish on oil based on the what if?????..."what if there is an all out conflict in the mideast?" etc etc.....alot of things happened and events unfolded but it did not really put a kink into the supply side...at the same time...anyone who has purchased a vehicle in the last nine months and fuel cost affected thier decisions purchased a more fuel efficient vehicle....anyway the long and the short of it...there are a few hedgefunds that have just blown up because the "trading places"scenario that has just unfolded...they brought high and have sold lowerer as the sell side has gained momentum. Demand over all is down...there were less hurricanes, the gulf is almost back to full capacity...therehave been new discoveries in the deep water wells...all pointing to stable capicity. It is funny how back in 00-01 OPEC said that $25 bucks a barrell was too low and that $40 was more desirable. Now they are fretting if it falls below $60 becuase they used to the $$$$$!

Do a google for Jim Cramer

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