Shorts have topped out

short level interest has topped out at at circa 20m shares for the last 7 weeks and big sell down through Instinet Nomura and BTIG looks to have been completed. Some left wing news would be most welcome given supply side is finally looking skinny and those shorts have to cover at some stage. Some decent draw downs this week which is likely given Saudis have promised to drop US exports by 1m bopd this month , we should see some impressive draws later in the month on to of current strong seasonal demand.
All aboard! Toot toot.