I was watching that 8% surge happen live and it was unusual but...

I was watching that 8% surge happen live and it was unusual but explainable. Crude normally closes about about 2 hours before US markets close, and was up about 8% until 2pm US time when it closed. The DJIA was tracking its rise almost identically and was almost into positive territory by 2pm. Then bang. Crude closed,  fell 0.05% to being just 7.5% up for the day and the DJIA subsequently slipped 250 points during the next two hours into the close. It looked like profit taking at month end and an adjustment of long/short calls and puts. I think on Monday, the shorts will pick up again as US GDP growth slowed considerably during the session.  That said, I still see a bump in crude from March to August before it bottoms again in October. The rig count in the US is only down about 13% from 1800 or so to 1543. It will take a greater fall to 900-1000 rigs before supply really falls. http://phx.corporate-ir.net/phoenix.zhtml?c=79687&p=irol-rigcountsoverview