Wednesday, August 4, 2010

EIA Oil Inventories & SPX Trade

EIA Data
U.S. crude oil refinery inputs averaged 15.6 million barrels per day during the week ending July 30, 113 thousand barrels per day above the previous week’s average. Refineries operated at 91.2 percent of their operable capacity last week. Gasoline production decreased last week, averaging 9.4 million barrels per day. Distillate fuel production increased slightly last week, averaging 4.4 million barrels per day.

U.S. crude oil imports averaged 9.6 million barrels per day last week, down by 1.5 million barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged 10.0 million barrels per day, 494 thousand barrels per day above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1.2 million barrels per day. Distillate fuel imports averaged 187 thousand barrels per day last week.

Energy Information Agency

SPX Trade
Yesterday I entered a short position on some SPX E-mini futures. Today I was stopped at around 1125. This was a poor trade overall. I mistimed my entry point. From here my trade unravelled. However, I maintained discipline and did not get emotional. Sometimes you learn more about trading from losers than winners. Although, I did have that 30 point gainer last week, so I should not be too disappointed. Overall, I need to re-evaluate my thoughts on the SPX going forward (short-term movements). The lack of volatility in this market cramps my trading style.

Related ETFs:ProShares UltraShort S&P500 (SDS:US), Consumer Discretionary Select Sector SPDR Fund (XLY:US), Oil Services Holders Trust (OIH:US)

Books: Ken Rogoff and Carmen Reinhart's This Time is DIfferent gives great insight into the relationships of banking crises, sovereign defaults, inflation, unemployment, stock market crashes, and currency crises.

Sports: The Diesel to Bean Town. Good move for both parties.

Patrick M. Ambrus
Analyze Capital LLC
Twitter: AnalyzeCapital

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