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An up day in store for Monday

I think Friday's weakness in the oil sector in picks like VPC and BUR was due to the fact that many traders aren't convinced by the strength in the oil price. Electing to stay on the sidelines and rather wait until Monday for a fresh look at where things stand. The oil price , however, managed to stay above 55. A reaction to the cold weather and the possibility that inventories ( distillates) will show drawdowns next Wednesday. The new home sales data in the US came in higher than expected too which was bad news for an interest rate cut in the US. However, one broker wasn't as impressed by the housing data and pointed to the 30 to 40% cancellation rate which alot of investors are overlooking. Sentiment in the US and UK mkt was downbeat on Friday... I get the feeling that any rallies this week in the oil sector could be short lived and are probably worth selling!

I created this blog as a platform to discuss the trading of UK oil shares. I would like to hear from other people interested in shares like VPC, BUR, DNX,BP and TLW etc. Oil managed to close over the psychologically important level of 55$ on Friday so we should see a bounce in the shares in trading on Monday the 28 Jan. The oil price was supported by the announcement to increase the SPR (strategic petroleum reserve) and the cold weather in the US last week. However, the oil price is looking volatile. Last week, we saw gains in the oil price of 2% during UK trading only for the gains to be reversed and oil to end sessions lower. Traders don't seem to be convinced by the recent strength in the oil price. Share price gains seem to be capped and rallies are being sold. Oil may trade between 53 to 56 on the back of this cold weather for the next few weeks. However, when the cold weather lifts we may see the bears take control again and set up another attack on 50$. Inventories in the US are still climbing and it seems that there may be a quiet period from the end of winter to the start of the driving season that would give the bears the ammo they require. I would like to use this blog as a tool to help investors dissect the market and to assertain what is moving the market and the share price of their chose UK oil stock.