ERA’s 1.46% move up over 15m isn’t huge, but OI rose alongside it by 1.68%, with 142K in notional value. That makes the move look more like new leveraged longs entering than a rally driven by shorts covering. The aggressive buy/sell imbalance is 12.1%, the ratio is 1.27, and volume is 1.68x above normal; market depth provides reasonable confirmation. However, 1h OI is still -0.06%, which suggests this leverage build-up is mainly concentrated in the short term. Those chasing longs should stay alert to avoid getting shaken out by a wick.