Likely a temporary bump due to the gauntlet of Northeastern blizzards. Most people in that region have oil heat.
Gonna fill my tank today before the price shoots through the roof.
The drop in the rig count was a massive one and I imagine we will see a few more weeks of similar numbers. This as well as E&P companies slashing their capital spending will indeed affect future supply. Short term we will more than likely see more record gains. For the industry it is nice to see what appears to be a floor forming and investors look eager to send oil higher with any news that dampens supply.