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Oil Enters Correction A Day After It Enters Bull Market

Well that escalated quickly...

 

From $43.58 to $54.24 to $47.95...

 

Explaining why.

Oil is down because rigs are being opened because oil was up because rigs were being closed

— zerohedge (@zerohedge)

Joking aside, this is all that matters, as explained yesterday:

For those who want to know when to buy oil, the answer is simple: just after (or ideally before) Putin announces he will no longer support the Assad regime. If, that is, he ever does because that act will effectively destroy all leverage Putin may ever have over Europe, and in the process, also end - quite prematurely - his career.  Until then, every single HFT-induced spike in oil is one to be ultimately faded, because as the past few months have shown, it is the Saudis who set the price, and they will not take no for an answer, even if it means crippling the entire US shale, and energy, industry in the process.