Oil price surge defies forecasters

As crude-oil futures climbed above $51 a barrel this week, analysts threw up their hands and wondered why.

“None of the historical correlations analysts have used – inventories primarily for oil, storage for natural gas, natural-gas and oil prices for rig counts — work,” said Jim Wicklund, managing director of energy research at Banc of America Securities.

“No one can really explain, with anything but a very broad brush, why crude oil prices are as high as they are.”

CBS