Sell-off to buy cheap? Favor longs and new HOD? Oh, and good luck/skill to everyone (where are my manners for heaven's sake? )
http://www.eia.gov/oil_gas/petroleum/data_publications/weekly_petroleum_status_report/wpsr.html Summary of Weekly Petroleum Data for the Week Ending April 1, 2011 U.S. crude oil refinery inputs averaged about 14.4 million barrels per day during the week ending April 1, 39 thousand barrels per day above the previous weekâs average. Refineries operated at 84.4 percent of their operable capacity last week. Gasoline production increased last week, averaging 8.8 million barrels per day. Distillate fuel production increased last week, averaging 4.3 million barrels per day. U.S. crude oil imports averaged about 9.0 million barrels per day last week, down by 178 thousand barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged 8.9 million barrels per day, 175 thousand barrels per day below the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged nearly 1.1 million barrels per day. Distillate fuel imports averaged 131 thousand barrels per day last week. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.0 million barrels from the previous week. At 357.7 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year. Total motor gasoline inventories decreased by 0.4 million barrels last week and are in the upper limit of the average range. Finished gasoline inventories decreased while blending components inventories increased last week. Distillate fuel inventories increased by 0.2 million barrels last week and are above the upper limit of the average range for this time of year. Propane/propylene inventories decreased by 1.1 million barrels last week and are in the lower limit of the average range. Total commercial petroleum inventories increased by 0.2 million barrels last week. Total products supplied over the last four-week period has averaged about 19.1 million barrels per day, up by 0.1 percent compared to the similar period last year. Over the last four weeks, motor gasoline product supplied has averaged 8.9 million barrels per day, down by 1.2 percent from the same period last year. Distillate fuel product supplied has averaged 3.7 million barrels per day over the last four weeks, up by 0.9 percent from the same period last year. Jet fuel product supplied is 0.5 percent higher over the last four weeks compared to the same four-week period last year.
I was wondering what the initial rally was about. Didn't make sense. ADD Maybe they were trying to shake out shorts which didn't faze you ammo.
Nice trade, Ammo, I wish I had your balls to hold (well, ok, and your cash ) - glad to see you back around here