Yes, to a degree - the smaller ones should generally go back down some and larger ones may head slightly higher.
If you are referring to the crude inv. numbers out today, I see them completely different from others. I see that the increase is due to folks loading up the inventory after the spike in prices to avoid the next round of price increases - that kinda weird "increase in price produces a short term increase in demand" scenario I mentioned a few days ago.
But generally speaking with a spike in oil prices, small oil reacts greater than big oil in the short term. If the spike affect the overall mrkt (as in this case), big oil may actually see pps drop with the spike as it is driven down by overall mrkt. So oil going back down will hurt the small oil and if it helps overall mrkt, should also help big oil.
General statements however, and we do have much tension in oil these days.
I continue to believe that we see higher oil this time next week - we'll see.
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