Crude Futures Sharply Higher

May Crude Oil futures are trading higher by $1.45 at $37.33 in Wednesday's session. Last night's report of a big inventory draw from the API report coupled with a larger-than-expected draw from this morning's EIA report are the catalysts for the rally.

It has now surpassed Monday's high $37.21 and continues to make new highs for the day. The contract is now trading in an area of very limited resistance until last Friday's high of $38.56.