The prompt month crude contract has traded in a fairly tight range this week, opening at $76.42 and slowly edging higher, currently up $0.42 in early afternoon trading today to $78.32. Prices are hanging in there despite another build in U.S. storage (10th consecutive week!), including the NYMEX delivery hub in Cushing. The Strategic Petroleum Reserve (SPR) has been a significant contributor for previous builds/current storage levels, but it’s important to note that it’ll have to be refilled at some point in time. Asian demand along with record high U.S. exports appear to be supporting the recent uptick in prices. ... (full story)