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Crude Oil - 1999 Low

It is funny how quickly the supply and demand dynamics change in the commodity markets. Crude Oil in 1999 is a perfect example. If you listened to the analysts, many stated we were in a supply glut of oil and prices may go down to $5 a barrel. Things looked glum for the market rallying and one wondered what we would ever do with all this extra oil. Incredibly cheap $11 Oil was about all the Bulls could handle. As you can see, the market had a stunning rally over the next 2 years. Looking back, that was an incredible buying opportunity, but with the commodity markets you will rarely hear that talk at the time it presents itself.

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