Nigerian Prince

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Just a little earlier today, Nigeria floated a story about some kind of emergency OPEC meeting, and this rumor sent crude oil (which had been very weak earlier) soaring. I think this rumor has about as much credence as any other Nigerian prince story you’ll get in your inbox, and you should pay it as much respect. I remain blissfully short energy shorts up, down, and sideways. I think the entire oil sector is in horrific trouble, and these kind of manufactured, pathetic rumors will pop up as we continue to crumble downward in the months ahead. Bite me, Nigeria. Crude’s trendline break trumps your little rumors.

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