At 3PM in New York, West Texas Intermediate is up 5% and Brent North Sea is over the moon, rallying more than 6%.

The thudding crud you hear falling to earth is crude oil. West Texas Intermediate has demolished the $27 per barrel barrier and looks set to hurtle down further. Brent North Sea is not far behind.

What are the tealeaves saying fundamentally? The huge number of signals, cross signals, coded messages, encrypted ideas and so forth make it very difficult to come to a clear understanding.