Wednesday, April 24, 2013

Did You Get Long Crude Oil?

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WTI Crude Oil rallied over $2 today, Proshares Ultra Crude Oil ETF (UCO) +4.91%. ITZ entered two 1/4 positions back on April 16th @ $24.85 & on the 17th @ $25.85. Currently ITZ is using a trailing stop, a 8ema & 21ema on a 60 minute chart. Current stops are $27.40 & $26.85. ITZ has not increased the position, in part to several weekly indicators have not confirmed. If there is a confirmation, then we'll suggest adding and also revise the current sell stops.
Total motor gasoline inventories decreased by 3.9 million barrels last week but remained in the upper half of the average range. Both finished gasoline inventories and blending components inventories decreased last week. As reported today in EIA Summary of Weekly Petroleum Data  LINK

West Texas Intermediate crude jumped the most this year as a government report showed that U.S. gasoline stockpiles tumbled while oil inventories rose less than analysts estimated. Read Story

 ITZ has been noting for several weeks that gasoline prices were in decline.... recent post for more posts BLOG

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