USO vs UGA: The Trade is Complete

At the end of February, we posted a note about buying UGA instead of USO. His is what happened since then:


(please click to enlarge)

We said:

"U.S. unleaded gasoline prices has usually seasonal strength from January to the end of April. During this time refiners tend to convert from heating oil used in winter to gasoline used during the summer. Refiners also use this period to perform annual maintenance programs. Gasoline consumption goes up while inventories usually go down. This is why gasoline prices rise during this period, typically this trend lasts until May for retail prices."

This trade is complete.