Crude is taking a much needed trade as pikers come in looking for a big bounce. While we would expect a bounce we feel that crude may have one more test of the lows before buyers step to take profits. For now we are on the side lines being patient.
I heard the bounce we have seen in he last few days could be the result of producers settling their books for tax reasons before the year's end. The reasoning here is that they are selling cheap oil in the view that prices are going to go lower. ref. http://www.futuresmag.com/2014/12/03/disappearing-crude#.VH8g9-C0Y4g.twitter
That could be. I am sure there are some games being played between countries as well...but for us trades we need to see if they run this down another leg to the 60 area. Currently no position for us. We would love to see another leg down but they might push it up from here before taking another stab at the downside.