Oil Suddenly Surges Out Of The Blue

Ok, so something’s amiss in crude, which is on the move in a fairly “big league” way.

  • WTI CRUDE RISES AS MUCH AS 84 CENTS TO INTRADAY HIGH OF $47.93

And it’s still going. Have a look:

Crude

Although it started to rise with stocks on the Bannon story, the catalyst here isn’t immediately clear.

Note this started an hour and 20 minutes before rig count.

Indeed, it’s hard to see a connection. As Bloomberg notes, “there’s a report of a fire at the big Baytown refinery in Texas,” but that’s about it.

We’ll see.

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14 thoughts on “Oil Suddenly Surges Out Of The Blue

  1. There’s more buyers than sellers. Technicaly, it broker out of a descending channel on 7-25 or so. It revisited the support over the last couple days & is now bouncing.

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