The CRB TrendTrader report is Long Crude Oil, Heating Oil, RBOB Gasoline and Short Natural Gas. See full position report below. Remember - day traders work for the markets - Trend Traders let the markets work for them, the Trend is your friend! The CRB Futures Market Service is one of the oldest and most respected market letters in the industry since 1934. Crude Oil May crude oil prices this morning are down -32 cents and May gasoline is down -1.07 cents. May crude oil prices yesterday overcame early weakness and finished the day up +$0.63 per barrel. May gasoline closed up +0.17 of a cent per gallon. Both May crude oil and May gasoline posted 2-1/2 week lows but erased their losses and closed higher. Bullish factors included (1) the reversal in the stock market which erased early losses and closed higher, which improves economic confidence that may lead to increased energy demand, (2) the reversal in the dollar index which closed lower after posting a 2-1/2 week high, (3) fund-buying of gasoline futures after the CFTC reported that large speculators in the week ended March 16 held a record large long position of 77,871 contracts, and (4) the prediction from China's National Energy Administration that Chinese crude imports may rise to a record 210 million tons this year, up +3% from last year's 203.8 million tons and a sign of strong demand. Bearish factors included (1) the +5.2% m/m jump in Feb Chinese crude oil inventories to 206.7 million bbl, and (2) the prediction from VTB Capital that "immediate oil-market fundamentals haven't justified gains in crude oil beyond $80 a barrel."

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