The Morning After Hillary, Trump Clobber Adversaries In NY By Wider Margins Than Predicted -- Tubman To Replace Jackson On $20 Bill -- April 20, 2016

Wow:

Wow!

This is despite Kuwaiti oil workers ending their strike, cutting Kuwaiti production to 1.5 million bopd:

Thousands of Kuwaiti oil workers remained on strike for a third day on Tuesday to protest against planned public sector pay reform, cutting crude output to 1.5 million barrels per day (bpd). [The strike ended today.]

That is little more than half of Kuwait's average output of 2.8 million bpd in March.

The Wall Street Journal provided this "explanation" 57 minutes ago:

Oil prices flipped to gains Wednesday after an unexpected and sharp decrease in U.S. distillate stockpiles convinced traders to shrug off rising crude stockpiles and the end of a Kuwaiti oil-workers’ strike.

The U.S. Energy Information Administration said Wednesday that distillate stocks, which include heating oil and diesel, fell by nearly 3.6 million barrels when analysts expected no change. It was enough to balance out an addition to crude stockpiles and send total oil and petroleum stockpiles lower—though barely—for only the sixth time in 24 weeks dating back to the start of November.

The combined stockpiles of crude, gasoline and other petroleum products have become a key indicator for many analysts and traders. Production is retreating from record highs in the U.S. but stockpiles there and around the globe are still at record highs. Prices are unlikely to rebound until the massive supply in those stockpiles starts to drain, signaling that a glut that has lingered for two years is finally about to ease, analysts and traders have said.

The concern about oversupply is still strong and had sent oil prices tumbling in early trading Wednesday. The American Petroleum Institute had reported late Tuesday that U.S. crude stocks grew by around 3.1 million barrels last week. And the end of the strike in Kuwait could also increase supply by nearly another 2 million barrels.

Also, note the bullishness of the market, flirting with an all-time high, despite being told for weeks that

• the US was all but guaranteed going into a recession this year; and, 
• 1Q16 was going to be a horrendous earnings quarter

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