It was less than a day ago when Gartman, in his latest appearance on the nepotism-challenged CNBC, said that not only is the bottom for oil not in yet, but that a selling “panic” could push it down as low as $15: after all with Standard Chartered coming out with a $10 forecast, it was suddenly cool to have dire predictions about the black gold’s downside risk. This is what he said:

“The dollar is the predominant deciding factor at this point, and as long as the dollar continues to go higher, and it does, the pressure will remain on the crude oil market. I really thought that $32 might hold. I actually thought that would be the furthest that we could extend it down to, but we’re getting a panic situation. And in panic you can get an egregiously lower price,” he said. According to Gartman, the bottom is not in for oil: It could fall much further. “Egregiously lower — $15, $16, $17, $18 per barrel on the front month for a day or two but it won’t last long down there,” he said. FULL REPORT