The gains though were not limited to the oil industry or rational behavior. Even though oil accounts for 2% of electricity production in this country--a negligible amount--the high-flying solar sector rallied on the back of black-gold's gains.

"It's more psychological than operational as the price of oil has no direct bearing on the price of electricity," said Michael Carboy of Signal Hill Group. "What happens though is rising oil prices are equated to rising energy prices and solar gets a good tailwind as a result."