Oil prices surged higher, yesterday, breaking through the upper end of the long-running range between $46 and $56 for a time. The stay above $56 was temporary, but prices did finish at $55.39 at the closing bell, giving us a settlement above that critical level. Prices retreated almost immediately, though, and are down near $55 this morning. The weekly inventory report seemed to be the catalyst, which showed a smallish crude oil inventory build of only 1.6 million barrels, well-below the mega builds approaching 10 million barrels that have become commonplace.
Energy Overview — TotalView™ of the Energy Markets