New Crude Contract Rises

While gasoline inventory and demand numbers have recently been key drivers for other energy futures markets, geopolitical issues are beginning to loom in the minds of energy traders, Gartman said. In particular is the violence in Nigeria between government troops and rebel insurgents, which is escalating ahead of the presidential election there in late April.

"Violence in Nigeria will likely be demonstrably worse a month from now," Gartman said. "That will not be supportive for crude oil supplies."

Meanwhile, energy stocks were mostly higher because of the rise in crude oil prices. The iPath Goldman Sachs Crude Oil (OIL Quote) ETF rose 0.6% to $35.59.

Forest Oil (FST Quote) was downgraded by Matrix Research to hold from buy, but its stock advanced 1% to $32.58.

Elsewhere, DCP Midstream (DPM Quote) and Regency Energy (RGNC Quote) were both downgraded by Citigroup to hold from buy. DCP fell 2.5%, while Regency lost 1.9%.

Methane producer Methanex (MEOH Quote) was downgraded by BMO Capital Markets to underperform from market perform, and its shares declined 3.4%.