It’s going bye-bye.

Today the price of crude closed at $59.71, up a hefty two bucks a barrel.

Why all the excitement? Good question, especially after the price of crude fell 2% on Wednesday.

Couple of reasons. Continued bitter cold in the northern U.S. with predictions of more to come, along with a little good-old-fashioned short covering session on Wall Street. Oh, and yes, the DOE reported that stocks of distillates (which includes the precious jet fuel) and crude both declined for the week, ending Fri. Feb. 2 yesterday.

Guess it took a day for that news to sink in.

Look for continued volatility here before we start to see a trend that sticks.