RE:The sellers are in controlWho in their right mind is going to add to shorts at these levels. I do think the shorts are in control, but they need to get out at some point soon. They dont want to get caught with their pants down like we all did last June I also think big draws are finally right around the corner causing oil prices to finally recover. Oil bulls have been so wrong as late, but it can only last so long. I also think US SPR finally stopping and Saudi cuts starting in July will have a tangible impact to sentiment. Also, it seem that AECO has been holding up pretty good considering all the downward pressure on oil lately. Texas, china, Europe heat waves hav been signficant. I think the entire oil sector is coiled and ready to shoot higher, its just a matter of when. I wish I was short last June, but would not want to jump in the short trade now. Full disclosure- I do not short anything.
PJ