CC, yet again - a great post. Could not agree more.
The current oil market is broken. The recent volatility is a good indication, that there are extremely speculative forces at work. It is just a matter of time until a substantial correction comes, but it will come.
Just over 2 years ago in the US, the housing market was considered a fool proof investment. All insiders were insisting, that investment in housing is unbeatable and even at those extremely elevated prices.
Today, there has been a correction of up to 50% in some areas....and the insiders are screaming doom and gloom and predicting another 20-30% down...How crazy is that?? They should have seen doom and gloom 2 years ago, not now....
The same goes for Oil...When all the experts agree, that Oil is going up and up.....it is time to think NOT (IMHO)..