Infrastructure investment in India is a long-term theme, and is going to require a lot of raw materials and fuel sources. It's one thing to generate power; it's another thing to actually distribute that power.
In a weird way it was nice to focus on good old fashion oil fundamentals. Like refinery explosions, hurricane threats, the Energy Information Administration Short Term Energy Outlook and a surprise drop in crude supply.
For the past two years, investors have feared a contagion of default, triggered by a loss of liquidity and a panic among bankers and other bond investors, something akin to what happened in the United States during the subprime crisis.