From Oil Price.comNegative sentiment has come back to the oil market now that prices are at $45 or lower. For the 3rd year in a row prices seem to have peaked in July and then turned lower. Some frackers have hedged at these low prices to provide some stability. Some oil traders have increased their short bets. A few more rigs are drilling again. However the markets are likely overestimating the impact of a few dozen rigs coming back online. RBC still thinks crude prices could close out the year in mid $50s mainly because of demand from India. IMHO sentiment has overreacted to the downside but only time will tell. In the meantime remember Ithaca's hedges. They won't last for ever but they are getting $60plus for most of their current production which is a lot better than $45. Whoever is getting taken out at .89 wake up. B