Looking at today`s CLL block history, in the last minute of trading over 146 thousand shares were bought. 30 blocks from 2000 to 17700 shares purchased (rush buying spree) by Anonymous(#1) and RJ(#79) snapping all available $1.46 shares.

As I posted previously two 1 million blocks were swapped by RJ about 11:50AM and 12:50PM.

I do not think it was a short covering since the CLL short position was at the lowest level in years (1.09 million shares).

You can interpret this as you wish. Personally I think that this afternoon we had some small and unexpected buying pressure for whatever the reason was.

Good thing Q1/2011 is over. It was a very bad one for the CLL. The good news is that the Q2 is starting well.

On March 6 Enbridge restored the pipeline and in the end of the March Husky competed the repair of the upgrader. So far the average Bitumen price in April went up to $55/bbl and some of the CLL big money loosing WTI hedges expired in March.

If the Bitumen prices hold their gains and their production will stay at 15,000 to 16,000 bbl/d CLL Q2 August Report should look better then two previous one.