Wednesday, June 7

Today we’ve seen strong intraday volatility, and a huge dropout in the price of crude. This morning’s EIA report indicated a sharp rise in the inventories of both crude and gasoline, and while the gasoline spike was anticipated the crude spike sent spot prices down 5% in early trading. This smashed into our position in Oasis Petroleum, putting that position at a net loss. We’re expecting that much of today’s price movement was a little reactionary, and we’re anticipating a recovery throughout the rest of the week.

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