Schlossberg attributes the recent strength in commodities to “a massive amount of short covering.”

BlackRock senior director Ewen Cameron Watt also argues that the bounce in oil prices was also due to a period of “short-covering,” reports Jessica Hartogs for CNBC.

If commodity traders fear that the weak fundamentals will eventually catch up, there are a number of inverse ETFs that hedge against falling commodities. For instance, the DB Commodity Short ETN (NYSEArca: DDP) takes the simple short position on a group of diversified commodities.

The DB Commodity Double Short ETN (NYSEArca: DEE) takes the two times the inverse position on a basket of commodities. The ProShares UltraShort Bloomberg Commodity (NYSEArca: CMD) also takes the daily -2x or -200% performance of the Bloomberg Commodity Index.

PowerShares DB Commodity Index Tracking Fund