ARD Down 12.3% from 52 Week High
Superior Fundamentals are Intact; Volatility Normal

Worldwide oil supply-demand issues remain in place. China, India and rest of the world continue to exhibit growth in thirst for petroleum. Problems with Saudi Oil fields as well as declines in some of the worlds largest oil fields have not disappeared. Oil sell off is normal as we enter the "shoulder season" (Demand for heating and cooling is minimized between the summer and winter months.) If oil declines further expect OPEC to defend price at $60. The words of Matthew Simmons, Peter Tertzakian, Boone Pickens and Stephen Leeb should be underscored. The fundamentals of Peak Oil remain in place. Just remember that the cure for low oil prices is nothing other than low oil prices.