While no major change has occured in our key oil sentiment indicator, bullish sentiment is still correcting off its third spike in two years. On the downside, we’ve seen $80/bbl hold. Who knows when we’ll be able to break that? From a long-term perspective, it appears that hedge funds are still very bullish on crude oil. Between 1995 and 2000 the average net length was +15k contracts; between 2000 and 2010 it was +61k contracts; and the market has not been net short crude oil since 2003.