In Case You're Not Watching It -- Oil Is Up Over $2.00/Bbl

This might just be an anomaly today, the direction of oil, and tomorrow it might be all taken away, but does anyone else think it strange that oil is up over $2.00/bbl right now (11:45 Pacific Daylight Time)?

This is just days after it was announced that governments around the world were going to release 17 hours-worth of global consumption from their strategic petroleum reserves? From Business Insider, not me:

That 60 million barrel oil release? It amounts to about 17 hours of global oil consumption, according to the IEA, which says the world consumes 84.2 million/day.

Sure, into a weak, jittery market that was already selling oil this morning, today's (June 23, 2011) news caused a bit of a jolt, but this really is a big, inconsequential waste.

Two comments: a) Saudi must be happy; they didn't  even have to scare the world by suggesting they would cut production if reserves were going to be released; and, b) supply and demand is more than just about "oil" but also "type of oil."

And like the "right whale" in the 1800s, Bakken oil is the "right oil."