Exactly 24 hours ago, we explained why – in our view – the oil rally was over, and gave four key reasons: i) after the biggest documented short squeeze in history, all the “weak hands” had been blown out and any incremental covering from here on out would be far more difficult; ii) an oil OPEC freeze will have no impact coming at a time when production by many cartel members is at all time highs, iii) the Niger Delta Avengers have agreed to a ceasefire meaning up to 300kbpd in N