via U.S. Petroleum Weekly – May 4, 2012 | Tainted Alpha.
(For The Week Ending April 27, 2012)
The oil price is holding up quite well despite weaker demand and higher stockpiles. The reason for that are tightness in the brent market (which reflects in other markets via. arbitrage) and geopolitical risks (mostly related to Iran nuclear program).
Crude stocks rose 2.8 million barrels; Gasoline stocks were down 2.0 million barrels; Distillate stocks fell 1.9 million barrels; Propane/propylene stocks rose 2.1 million barrels; Other oils stocks fell 1.1 million barrels; Total crude oil and petroleum stocks were up 1.9 million barrels.
This Week Will Tell If The Bear is Really Coming Out of Hibernation
Last week’s selloff did less damage than it may have felt like. The drop stopped in the area of 3 crossing uptrend lines, ranging in length from short term to long term. Here’s what would tell us whether the uptrend is still in force, or signal that something evil this way comes. I have added 8 new stocks to the swing trade chart pick list, including 2 shorts.
