Many think the 40's are oil's bottom. Prince Alwaleed knows where the bottom will be, but he's not saying. He's also Citi's largest shareholder and Citi's derivatives exposure has grown considerably in the last 6 months or so. What better way for the Saudi's to make money on the way down and on the way up, than to derivative short oil until they've restored their market share? Course they wouldn't do it directly...that would be to obvious. But having such sway with the one of the largest TBTF banks certainly has it's advantages. And fighting Citi would be like fighting the Fed. Pretty hopeless, considering they now have a taxpayer backstop...again.
Trading/investing without chart analysis is like bringing a knife to a gunfight.