Crude up 1.15%
The march higher in crude continues as it breaks above the 200-day moving average.
A fresh leg higher started yesterday after surveys showed OPEC hitting 135% of its quota with production at a four-year low.
There's an increasing sense that Saudi Arabia isn't messing around this time and wants oil near $75. There is also a mess in the Houston shipping channel and that could be skewing inventories. If not, it looks like it's going to be a tight summer for US crude, especially heavy crude.
