Oil Moves Higher Still

Crude futures are well over $63 per barrel today, a jump of $4 so far this week.

What's more, the hefty upside move doesn't seem to be the result of, well, anything in particular.  No pipeline disruptions, no off-shore explosions, just a somewhat mysterious rise.

Analysts are split over whether the recent surge in energy futures represents a correction for a market that had been trending lower since late summer, or if it is the beginning of a new upswing.
...
Mike Guido, commodities strategist for Societe General in New York, said the picture is less clear. For the time being, Guido believes the more than $6 jump in front-month crude-oil futures since a low for the year of $56.82 was reached on Oct. 20 reflects short-covering, in which traders who had expected an even steeper decline in prices this fall have been forced to cover their bets.

I mean, sure Bush and Cheney are dialing prices back up now that the election is over, but could that really account for the entirety of this otherwise unexplained move?

Yeah, I guess probably.