Energy expert Dan Dicker never once thought oil would suffer such a crushing plunge in 2014 -- and yet here we are. Is this the new normal or just panic?
"It's panic, Jim."
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Dan Dicker, energy contributor at thestreet.com, talks with Jim Cramer about the oil market's massive drop on Tuesday, breaching the $80 mark. Dicker has been wrong about the latest move, believing that oil would never breach levels below those set in 2013. Instead, the oil market has retreated almost $8 a barrel lower already with prices that briefly sank under $80 Wednesday. This latest move downward has struck Dicker as more panic than reasonable selling, however, as hedge funds and marginal oil producers have had to hedge into markets where they are sustaining massive losses. Moving forward, Dicker believes that oil production in the U.S. will have to be curtailed with prices that remain below $85, setting up a more constructive market in 2015.