Starting just before 10am ET, oil staged a remarkable surge, rising from sessions lows of $44.50 to $46.50 in the matter of minute, a remarkable levitation which helped trim the overall market's losses by more than half which pushing Treasury yields modestly higher. While there was no immediate catalyst for this stunning price spike - some have cited falling Saudi exports which dropped half a million barrels to 7.25mmb/d thanks to lower flows to the U.S. and China, but that makes little sense as i) that was already priced in as part of the latest oil output cuts, and ii) the US is only importing less as a result of ... (full story)