Quote Originally Posted by Mick100 View Post
nets shorts at their lowest number since I'v been keeping records (mid last yr)
oil prices are going higher - probably, much higher
Another way to read this is that those who were shorting oil hard when it hit $100 got it wrong, very wrong and had to cover, pushing the oil price even higher.

So short covering may be contributing to the current oil price as well as speculators. Both point to a short term spike.

SEC