Energy Bonds Ain't Buying This Bounce

Who could have seen that coming?

 

Judging by the excitement this morning across the mainstream media, one could be forgiven for assuming WTI was trading back at $100 and everything was fixed again. However, we have seen these 'dead-cat-bounces' numerous times in the past few months and there is one way to know if professionals are buying the stability-is-here-to-stay meme or not... the credit market for energy names remains practically bidless...

 

Credit is not buying the bounce...

 

This time is diferent though...

 

and in a few minutes DOE releases its data...

 

Chart: Bloomberg