I like to browse the daily market news each morning, even those with no direct bearing on my job. The chart above of crude oil futures is courtesy of the WSJ. It makes me larf, recalling the solemn prognostications of professional oil analysts that $150 oil was here to stay, and $200 oil was almost certain. Then when the bubble burst the floor was going to be $120, then $100, then $80. It might appear that this is a commodity whose price has become unmoored, but perhaps we’ve actually got not proper understanding of the supply and demand of oil. We could see $10 oil again in a few months, or next year it could be back into triple figures.
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