Two days of oil selling late last week on OPEC+ and Iran worries were met with a wave of buying today on broad commodity buying, a bullish Goldman call and Iran signaling it won’t give up ground in the nuclear deal.

The chart itself has overrun but the recent consolidations around $47 and $53 show the buying appetite and today’s quick rebound is impressive. My read is that enthusiasm also isn’t high because there’s so much fear and skepticism around the future of oil.

Specs in the CFTC report are long but if you look at it historically, it’s not a red flag and argues that there’s plenty of more room for buying on that side.