La Croix Energy Capital | Petroleum Derivative Trading

“Think like a fundamentalist; trade like a chartist.”
Dennis Gartman. Rule #8 - Gartman’s Simple Rules of Trading

Wednesday, March 24, 2010

API Stocks 19-Mar-10

mmbbls
Crude: +7.5 (vs. +1.5 fcst)
Gasoline: -0.1 (vs. -1.3 fcst)
Distillates: -2.5 (vs. -1.0 fcst)

NEW YORK, March 24 (Reuters) - U.S. crude oil futures fell on Wednesday as the euro stayed under pressure against the strengthening dollar and after industry oil inventory data showed a large build in crude oil stocks.

"A test of the downside of (the $80-$82 range) will likely be seen today given the double whammy of a strong dollar and yesterday's bearish API guidance," Jim Ritterbusch, president
at Ritterbusch & Associates, said in Wednesday note.