We were talking about WTI, which is normally only discussed in US markets. Take Marketwatch for example, one of the most popular market news platforms in the US. It doesn't even list Brent on the front page. Just WTI. http://www.marketwatch.com/
However, I may have made a mistake re: the rig count. I noticed in that WSJ article that Baker Hughes reported 1230 rigs or so in action as opposed to 1500 on their website. If that's true than the rig count has indeed fallen much faster and may account for the short selling reduction.
Oil-field-services company Baker Hughes reported domestic oil-drilling rigs fell by 7% for the week, bringing the count to 1,223, the lowest in three years.
Their website data is different.
http://phx.corporate-ir.net/phoenix.zhtml?c=79687&p=irol-rigcountsoverview
$30 Oil here we come..., page-138
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