Welcome to the oil storage is going down edition of Oil Markets Daily!
In early June, we published a report titled, "Bankrupt Energy Stocks Leading The Short Squeeze Rally." At the time, the energy stock rally was far from healthy with bankrupt energy stocks leading the pack due to some combination of a short squeeze and retail investors piling in. The rally was clearly unsustainable and a consolidation was needed. Investors needed to differentiate between the survivors and the losers.
A month later, and we are finally seeing some traction in names that