Make them pay!, page-14

Total short positions are not much changed since the peak around 3.5% (55m shares) of total shares on issue. Down to 3.46% (although there are a few days delay in reporting) so unless there are new shorts replacing those closing out there is a lot more buying to come. Original shorters are well ahead but that doesn't concern me. Took advantage a topped up at 15c but only in small. Very happy to be holding but still worried about the surplus oil looking for a home.

From what I've read the big picture is consumption has dropped from 100m bpd to 70m bpd and OPEC+ reduced world supply by 10m bpd to reduce world supply say to say 90m bpd. US shale supply was at 10m bpd but likely to slow based on falling rig count, negative returns and constant need to keep fracking to keep existing well flowing. IMO more supply reduction (or demand increase is needed (say 20m bpd - 90m bpd supply vs 70m bpd demand) and even lower supply to reduce the current stockpile before the POO will kick significantly.

Clearly this is a big picture summary with many other moving parts complicating the issue but it's the way I see it.