It's simply new money, not hot money.

There is new money coming into [oil trading] in the number of open-interest contracts, but this is not necessarily a sign of speculation,

It's patently obvious that the Saudis, as the world's largest producer, could lead prices lower by offering lower prices,

Now we're just looking for the ceiling.

This is all-around bearish. Demand numbers were so-so and import numbers were big,

Gasoline demand, I think, is the single most bullish number in the entire (EIA) report,