it popped Because its dirt cheap. Oil is heading higher ! Natural gas rebounding nicelyand coal is dead for now. Wilbur Ross sold his coal company and bolted for nat gas and he says the cycle is different this time doue to new environmental regulations etc. Thermal coal in the USA wil l be dead for awhile. Don Vialoux was on BNN Market Call last night and he said this is the strong season for oil and gas and drillers. TEchnically he said its a week away but big money was jumping the gun. Big volume on PTEN also ,and like PD closing in on high of day. Q2 will be bad we all know it, but like other companies that reported, not nearly as bad as the SP suggests. With fundamentals imprroving on oil and ng spot price , this is a gift.
Add a nice dose of geopolitical risk, Syria, Egypt, Venezuela ( take your pick), and you have recipe for a nice ride up til October.