oil

And so the great "oil production freeze" rumor, which helped halt oil's plunge after it hit a 13 year low in early February and forced a 50% short squeeze higher, dies.

At the end of the day, it was all about the dollar.

The "short energy" trade worked great for a while and then, as we first warned in late January, just as everyone jumped onboard leading to record WTI (and oil and gas equity) shorts, it very suddenly stopped working in early February when oil proceeded to soar by 50% in the month ahead, leading to the biggest short squeeze on record and crushing all those who had recently gotten on the short bandwagon (as well as most other shorts).

A Russian documentary crew have uncovered damning evidence proving that Turkish government colluded with ISIS in purchasing their oil – funding the terror organisation and providing logistical support for the group to overthrow President Assad in Syria.  Documents obtained by Russia Today suggests that ISIS’ biggest sponsor is Turkey. RT.com reports: Shortly after the outbreak of the Syrian war, IS became a game-changer in Iraq and, in particular, Syria.

The main catalyst that pushed the price of oil from a 13 year low in early February, when crude briefly traded in the mid-$20 to well over 50% higher less than one month later in one of the world's most furious short squeezes, was the recurring infatuation with the fabricated narrative that OPEC would if not cut production then, then at least freeze it.

We mocked this, as recently as one month ago, when we wrote "About That "Oil Freeze": Russian Crude Production Sets New Post-Soviet Record In February" an article which was self-explanatory: