Crude seems to be trying to establish a short term bottom and may have gotten a bit oversold. (At least that's what Jim Rogers told me. ) Of course it's been trying to establish a base to bounce from with no success the last month.
Today was the first day that resembled anything close to capitulation. Really hard to say if that was the bottom or not.
Time will tell of course. The trend has only been down. The inventory report prevented real capitulation.
As long as the Gulf stays calm oil is a short until the first frost in NYC. It might even be a short until next hurricane season.
Still looking for a bottom and not finding one. Poor crude. It was so popular and now no one seems interested. Shunned by all.