I have to say that the information available is conflicting
I have just read an EXXI document (13G) that appears to show Hayman has sold our completely
Rampant speculation by hedge funds and a rare confluence of short-term shocks have driven the price of oil far below its natural clearing level, coiling the springs for a fresh spike this year that may catch markets badly off-guard once again.
"The price will rebound and we will go back to normal very soon," said Abdullah Al-Badri, Opec's veteran secretary-general. "Yes, there is an over-supply, but fundamentals don't justify this 50pc fall in price."
Experts from across the world - from both the West and the petro-powers - said the slump in fresh investment in 2015 is setting the stage for a much tighter balance of supply and demand, and possibly a fresh oil crunch.
Mr Al-Badri said he had been through price swings before but recovery may be swifter today than in past cyclical troughs. "This time we have to be very careful to handle this crisis right. We must keep investing, and not lay off experienced people as we did last time," he told the World Economic Forum in Davos.
Claudio Descalzi, chief executive of Italy's oil giant ENI, said the last phase of the price crash from $75 a barrel to around $45 was driven by wild moves on the derivatives markets. Traders with "long" positions effectively capitulated once it became clear that Opec was not going to cut output to shore up prices.
This led to abrupt switch to massive "short" positions instead. "These contracts are 15 or 20 times the physical market," he said.
Mr Descalzi said the roller coaster move in prices is destructive for the oil industry and is leading to investment cuts that may store up serious trouble for the future. "What we need is stability: a central bank for oil. Prices could jump to $150 or even $200 over the next four or five years," he said.
Khalid Al Falih, president of Saudi Aramco, the world's biggest oil producer, said the mix of financial leverage and the end of quantitative easing had "accelerated" the collapse in prices but the slide has lost touch with reality. "We're going to se