Oil rebounded mildly, yesterday, on word of a refinery in the Midwest, and news that pipeline operator, Enbridge, was apportioning carriage volumes on several of its Canadian and Midwest lines. The market was also oversold, after falling so rapidly over the course of the past several sessions. The drawdown in gasoline inventories seemed to capture the attention of the market, as drivers and traders may have gotten ahead of their giddy selves at the prospect of sub-$3.00 retail gasoline. This looks to be the pause that refreshes for the bears.
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