In the energy market on Monday, crude for June delivery pushed to a better than 5-month high, closing at $54.47/barrel, up $1.27. June reformulated gasoline gained 6.86 cents, to $1.586/gallon.

Traders were upbeat after the home sales numbers and a report out of China that its PMI had also risen, for the second straight month.

It’s also “following stocks higher,” said Phil Flynn, of Alaron Trading.

There was a bit of wariness, though, with inventories remaining at 19-year highs and the bank stress tests looming.

“We are somewhat apprehensive about price prospects for energy over the short term in light of the stress-test results due to be announced later this week,” said Edward Meir, of MF Global (NYSE:MF).

“Both the commodity and equity markets have already pushed substantially higher in response to the slight improvement in the macro statistics,” Meir added.

Source: Oil Moves Higher

Last 5 posts by Doug Casey

• Is Your Money What You Think It Is?, Part II - March 18th, 2010
• Is Your Money What You Think It Is? - March 17th, 2010
• Gold 101: Understanding the difference between currency and money - January 7th, 2010
• Resource Stock Roundup:Monday, July 27, 2009 - July 27th, 2009
• Base Metals Higher - July 27th, 2009