Time to Cover Integrated Oil Shorts

From thestreet.com 7/28/08


A month and a half ago, I wrote about an interesting "tell" that I was getting from the oil markets. I say market(s) because I noticed a distinct diversion that day. Oil prices had just exploded.
The prior Thursday and Friday (June 5-6), oil ran up $17 a barrel. I have been trading commodities for 22 years, and I can say I have seen many things, but never anything like that before.
So with oil trading up massively those two days, I was expecting oil companies to show some real upside on the following Monday. The "tell" for me came when the energy sector was one of the weakest during this run-up in its primary product. ....
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