Oil Hits New Low of the Year at $55 a Barrel

Crude Oil Market Trends - Crude oil price is at $55 per barrel, a new low for the year [1] - The price is more likely to be around $40 next year than $70, due to oversupply and superabundance [2] - Oversupply and abundance are happening because of the spike in 2022 that brought in supply and technology [3] - The average gas price is at $2.90 and is expected to head towards $2 next year [4] - The U S is now a net exporter of crude oil, liquid fuels, and natural gas [5] - Venezuela's saber-rattling is not raising the price of oil, indicating its limited contribution to the oil price [7] Cryptocurrency Market Analysis - Bitcoin is down about 6% on the year but up about 30% [7] - Bitcoin is expected to head towards $50,000 [8] - Cryptocurrency is considered a leading indicator of risk assets and is currently experiencing downward pressure [9] Economic Outlook - A healthy correction in the stock market may have started [2] - There hasn't been a down year in the S&P total return fund, suggesting a potential correction [5] - De-risking is hitting the stock market and may continue into year-end [9]