MPC Option Call Swing

I purchased calls for MPC this past Friday.I will add more on Monday for a short swing. The Energy Information Administration reported Thursday that U.S. crude inventories rose by 2 million barrels for the week ended Sept. 4, on the heels of six consecutive weekly declines. That compared with an average forecast by analysts polled by S&P Global Platts for a fall of 500,000 barrels. The American Petroleum Institute on Wednesday reported a climb of 3 million barrels, according to sources. Supply data were released a day later than usual this week due to Monday's Labor Day holiday. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged up by about 1.9 million barrels for the week. Gasoline supply, meanwhile, fell by 3 million barrels, while distillate stockpiles declined by 1.7 million barrels.

With that being said the potential catalyst for this week would be the reports due on the dates listed below.
The API Energy reports will be out September 15th at 1:30pm.
The EIA Energy report will be out September 16th at 9:30am

Important To know

The American Petroleum Institute reports inventory levels of US crude oil , gasoline and distillates stocks. The numbers reported show how much oil and product is available in storage.This is important because this indicator gives an overview of US petroleum demand.If the increase in crude inventories is more than expected, it implies weaker demand and is bearish for crude prices. The same can be said if a decline in inventories is less than expected. If the increase in crude is less than expected, it implies greater demand and is bullish for crude prices. The same can be said if a decline in inventories is more than expected.

We need the 14-3 Day Raw Stochastic at 50% and the price to crosses the 18 Day Moving Average to reach $34.58

Resistances around $31 and $32

Good Luck. I purchased a $35 strike price


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