Nice API report after market close, but fundamentally, the report was bearish. A gasoline build with a crude draw? Ruh-roh. All we're doing is over-refining crude and turning it into a gasoline glut.
EIA will provide more accurate numbers and the market will provide a better picture tomorrow morning.
My original prediction from channel bottom buy (~$42.50) took a little longer than I had anticipated to play out because of the stop in the mid-point. Alas, we are reaching the top of the channel and we will need to be cautious. It would be nice if we break out of this funk and shoot toward $60s, but we need to respect resistance.
Good luck all.
EIA will provide more accurate numbers and the market will provide a better picture tomorrow morning.
My original prediction from channel bottom buy (~$42.50) took a little longer than I had anticipated to play out because of the stop in the mid-point. Alas, we are reaching the top of the channel and we will need to be cautious. It would be nice if we break out of this funk and shoot toward $60s, but we need to respect resistance.
Good luck all.
