Oil Takes Center Stage Again... And This Time it is Because of a Potentially Significant Supply "Adjustment."

In reaction to last eve's API Inventory Report, Oil prices popped from $45.25 to $46.49, and in reaction to this morning's EIA Inventory report, Oil has climbed from $46.25 to $47.43 so far.

In less than 24 hours, Oil has climbed 4.5% in response to potentially-significant, fundamental change-- a reduction in supply.

The powerful two-day advance has broken above key, near-term resistance at $46.50, and points Oil towards a challenge of more important, stiffer resistance lodged between $48.50 and $48.75.