Millions of shorts positions covering today before closeLike money in the bank if they cover their positions today pushing the price way above NAV, and then take huge short positions tomorrow while they wait for this to rebalance and roll over..
For those that timed this run up this morning and recovered some of your losses, congrats, but dont be the last one left on this merry go round that quites spinning in a couple hours, as there is no way all the global excess oil will be used up by September which means one thing
Pressure on oil prices well into the fall.