While oils bulls have enjoyed the recent rally in oil prices, Radnor expert Stephen Schork, editor of The Schork Report, “attributes the recent rally, in which crude prices doubled from their mid-$20s lows in January and February, to a massive short squeeze.”

A Market Watch article released on Wednesday reports that “the current bounce is just another instance of bearish traders covering short positions. But it won’t last,” says Schork.

Due to low gas prices, millions are taking to the road this summer, “yet that strong demand hasn’t made a dent in the oversupply of oil and gasoline.”

Schork says that while oil companies have slashed production budgets and slowed drilling operations, and 150,000+ US oil workers have lost their jobs, “we have oil sitting in tanks here in the United States,..oil sitting in tankers off the coast of Iran, Singapore, Texas.”

So while the US attempts to slow production, OPEC continues to glut the markets.

Stork anticipate that oil markets will take a “huge hit” when demand slows by Labor Day weekend. Prices are expected to plummet to their mid-$20s lows as they were in January and February.

More on Schork’s view of the oil glut on MarketWatch here.