Is the short squeeze that drove up the price of some energy stocks Wednesday just about over?

Transocean outright scraps four more deepwater rigs

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Oil: Bounce or bottom? I say “Bounce”

Does Friday mark a bottom for oil and a turn in the market? Or is it simply a bounce, triggered by short covering? I’d vote for the second alternative. In my opinion, the fundamentals haven’t turned and it still looks like we’ll have to test $40 on West Texas Intermediate—about 10% below the January lows –before we see a real bottom.