Actually, I think most hedge funds have been short for a couple of months, riding the oscillation around teh three year trend line. However, maybe because other commodities are weak, I think others jumped on as it hit the lower portion of teh band, around 68, so far pushing it down another 8%.  At some point those refiners that have allowed stocks to decline will begin buying, and at this point i expect a lot of short positions to reverse. ANd, China imports of crude plus products are up a combined 17%, and they have reportedly been waiting for low prices to fill their new SPR.  Meanwhile, we are in the shoulder season, and distillate demand is down more than normal because of very cheap ng being burned at those utilities that can switch back and forth.  Where she stops, nobody knows. Personally, I just stay fully invested and ride out the dips.