We’ve been writing since June that oil prices would continue to slide. In our last
update on July 13th, we lowered our near-term target for WTI crude to $46 per
barrel. We believe that oil prices will plumb new lows over the next two months. In our judgment, investing (or worse, speculating) in the energy sector today at current levels too closely resembles catching a falling knife. Wait for a better opportunity…it’s coming.
