I see no good reason why anything this dramatic would occur....

I see no good reason why anything this dramatic would occur. Additional OPEC+ output cuts from 1/1 should stabilise POO, so that’s not a concern. But I still think it will fill the gap to 28c as I forewarned at the end of October. (some trader told me that was a bit silly, I recall.) Best get that out of the way before trying to predict the low IMO. Fact is the TA looks terrible and it isn’t going to do anything special for a while. LT hold is best you can say, I only hold a little - we all know the potential here, but there appears to be no near term catalyst and the general market for the time being is selling into any good news and no longer buying dips.