Oil at $14 a barrel? Here's how it could happen

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No one really saw 2014's dramatic plunge in oil price coming, so it's probably fair to say that any predictions about where it's going from here fall somewhere between educated guesses and picking a number out of a hat.

In that light, it's less than shocking to see one analyst making a case—albeit in a pure outlier sense—for a drop all the way below $14 a barrel.

Abigail Doolittle, who does business under the name Peak Theories Research, posits that current chart trends point to the possibility that crude has three downside target areas where it could find support—$44, $35 and the nightmare scenario of, yes, $13.65.

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Make no mistake, she thinks that's an extreme case. Her target for the more likely move is the $35 range, which in itself is quite a call considering light crude had been just above $100 a barrel this summer and the move would represent a 33 percent or so plunge just from current levels.