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:

(Click on image to enlarge)

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

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.