Hi,
Yes, thats a naked short, in practice I don't have the means to take a short position and so I have to use derivatives instead.
The only thing I have ever made money on with any consistency is oil and right now its coming back down to a range where I will be happy to start buying again.
Once this Iran meeting is out of the way there will be a storm, a problem with a pipeline, scheduled maintenance, unseasonably cold weather (more AC Demand), unseasonably warm weather (more heating demand), etc etc etc.
Someone somewhere will come up with the reason to push the price back up 5 or 10 dollars and I plan to be along for the ride.
Not long yet, but starting to pay attention -
A blog post from a long time back but the same reasoning still applies now that oil is back in the 80's -
Duane B