It has just been an amazing week for crude oil! We haven’t seen upward movement in WTI like we’ve seen this week in…forever, on a percentage basis. Buoyed by a dramatic shift in sentiment following an avalanche of good news generally, over a very short time span oil has rocketed higher.

Key among this data was a crude storage report turning out to not be as bad as originally feared and on the decline. In the most recent weeks’ edition of the EIA-WPSR, a slight build was forecast, that turned into an actual decline of 0.7 mm bbls. The market loves data like this, particularly in the face of several months of increasing bearish data up to this point.

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Source: Oil Price