Yesterday was all about commodities; and the S&P 500 posted its lowest volume since the day after Thanksgiving. The major catalyst was crude oil, achieving $60 per barrel and trading to the highest level since June 25, 2015.
Yesterday’s EIA report was near-term bullish; the headline crude draw was more than API at 6.5 mb and production increased only 9,000 bpd. Momentum since last Thursday has been heading north and yesterday’s report just helped it edge higher. However, this by far is not enough evidence to spark a fresh swing high breakout.