Draw down in crude. Oil just went back over $50. I hope it doesn't hold. I don't think it will.
Just what the speculative bears wanted, so that they could buy oil futures/stocks and short the rest of the market to bolster their existing positions.They won't give up easily. Short interest is very high right now and oil rallies big time after only the second week oil inventory drawdown over 15 weeks.
I'm sure those tankers that were sitting on the Mississippi River were happy to finally be able to unload their cargo!