With oil down $4.50, Michael Masters (he of senate testimony on speculation in the oil markets fame) is making up for recent losses. As we pointed out June 3, some of the public names in his hedge fund would react positively to a drop in oil prices:
AMR- up 7.1%
DAL- up 6.6%
LCC- up 14.7%
UAUA- up 4.5%
Here's Mr. Masters May 20 testimony.