Those wondering what matters in this market, here is the answer: moments ago US stocks stormed into the green…

… following oil which after some confusion after today’s massive DOE inventory build, has surged back over $32…

… one just one piece of news: moments ago both Reuters and Bloomberg cited the CEO of Russia’s Transneft, who said that Russia and OPEC will discuss possible output cuts:

It appears that Russian oil chiefs discussed coordination w/ OPEC at meeting with Energy Minister Alexander Novak, Bashneft head Alexander Korsik, a participant, tells reporters after event. Bloomberg notes that discussions will continue, no decision yet.

Russia needs to discuss cuts, coordination with OPEC, Transneft CEO Nikolay Tokarev, another participant at meeting said cited by Bloomberg.

The response: every risk asset is now soaring, tracking the bounce in oil tick for tick. At least until Saudi Arabia issues a statement denying that it has any intention of cooperating with Russia on production cuts.

Spot The Difference…

For now, however, those record WTI and Brent shorts are feeling the heat.

Because as Martha Stewart tweeted it best…

OiI

— Martha Stewart (@MarthaStewart) April 22, 2013

Finally, just to make sure stocks really surge, there was this: