The crude market is hanging by a thread

The OPEC headline fakeout sparked a $1 rally but even that turned into a selling frenzy as prices have been smashed $2 lower since. The 4% decline today knocks oil to the lowest since Nov 20, when it briefly spiked below $40.

On a closing basis, a finish below $40.39 would be the worst since August 26.

Short crude has been my trade of the year, by far.