Abraxas Capital has reported a significant turnaround in its financial position, generating a $12 million profit from its short oil positions over the past week. This recovery follows a ceasefire announcement that positively impacted the market. Initially facing a $9.7 million unrealized loss, the firm's strategic "short oil, long crypto" stance has now yielded substantial gains. As of the latest update, Abraxas Capital continues to manage its positions, maintaining an unrealized profit of $8.7 million. The firm's total holdings stand at $152 million, with $126 million in short positions on Brent and WTI crude oil and $26.1 million in long positions in the crypto market. Notably, the BRENTOIL short position was reduced from $92 million to $78 million, while the WTICRUDE short position decreased from $51 million to $48.5 million, both at 5x leverage.