The Nymex crude oil futures market dropped to a 13-month low below $50.00 a barrel late this week. Prices are in a steep downtrend and there are no early clues that a market bottom is close at hand. The next strong support levels in crude lie below the $45.00 level, which suggests that’s where prices are headed. Importantly, the large speculative “fund” traders are going to be reluctant to get bullish on any raw commodity futures market as long as the sector leader, crude oil, remains in a tailspin. Stay tuned!