OVERNIGHT

Energy was the story of the day and apparently overnight as U.S. crude oil prices shot up 4.5%  moving above it's 200 day moving average, a sign many are suggesting indicates that the bottom is in and higher prices loom ahead in 2016.

The Japanese market rallied as the yen softened after making a 17-month high at the start of the week against the U.S. dollar. The Australian dollar also rose against the greenback, reaching above 77 U.S. cents. The Australian S&P/ASX 200 was up 1.2%, the Hong Kong Hang Send Index railled 2% and
South Korean Kospi was closed for a holiday.

 Based on some upbeat export numbers, Shanghai stocks were up nearly 2% while the Nikkei jumped 2.4%, it's highest level in eight sessions, the WSJ reported. Officials in China reported stronger export numbers compared to a year ago with a meager drop in imports. Also, MSCI, the broadest index of Asian-Pacific shares outside Japan tack on 1.4% gains in early trading. The upbeat mood in China lent some support to other area markets.
 
Bloomberg reported: Production dropped to 9.01 million barrels a day in the week ended April 1, the lowest since Nov. 2014, according to the EIA. In another story, Bloomberg also reported the following:

The down market is behind us,” Torbjorn Tornqvist, chief executive officer of Gunvor Group Ltd., said on Tuesday at the FT Global Commodities Summit in Lausanne. “It is the beginning of the end of that for sure.”

Oil has rebounded after falling to the lowest level in more than 12 years amid signs a global glut will ease as U.S. output declines. The world’s largest oil traders were meeting in Switzerland as members of OPEC and other major producers prepare to assemble in Doha on April 17 to discuss an output freeze. Oil traders benefited from a surge in volatility last year and that should continue, according to Tornqvist.

“We are going to have lots of volatility going forward,” Tornqvist said. “From here on the trend is up.”

A “rebalancing” of global crude oil supply and demand could take place by the end of the third quarter as production cuts by cash-strapped producers start to curb the current glut, according to Trafigura Group Pte CEO Jeremy Weir.

“I believe we’ve seen the bottom unless there is some sort of catastrophic situation, political or otherwise,” Weir said.