Nice to see WTI holding its gain from Friday. Not sure what we'll get out of the OPEC meeting on Friday, but I'm guess we'll start to see domestic inventories accelerate their drop and move us back to $65 (hoping we'll see a drop in inventories on Wednesday) .
REN is a play on oil prices and I think if you just hold on its a 3X in the next 18 months as oil moves to $65 to $70. . Day to Day? I think we're going to swing wildly. JMHO
Assume you're guess about a "hedge fund" selling. This said, the drop was a bit illogical given crude ran up on Friday. Expect we may see some recovery this coming week. Don't see any reason to do anything but sit back and wait for $2 +.
Sell off last week felt like profit taking on a illiquid stock.