With over 115 million shares short, I’d imagine a lot of that is short-covering. Almost 20% of the floatable shares are short. That’s a large short position that has to be unwound at some point. Well, with OPEC and Russia pushing for higher oil and threatening to hurt oil futures short-sellers and with election uncertainty and with such a cheap stock price that can only go down so much further (to benefit a short seller), I’d imagine its the start of some of them starting to cover some of those shorts, especially since 115 million shares short can’t cover all at one moment or else they’d kill themselves on the price spiking hard against part of their position that hadn’t filled yet.
But could there be some speculative buying going on too? Sure.