West Texas Intermediate Crude ($WTIC) fell back under $28 to retest the lows of January. So far, the trend in price still has a pattern of lower highs and lower lows. While it would be preferable to see this low tested and hold, all of the data regarding supply inventories of crude oil, gasoline, and distillate (Diesel fuel) are trending higher, which is bearish for crude oil. Unfortunately, all the demand data forecasts are not increasing at the same rate as the inventories. At this point, there is no evidence of a reversal in the supply / demand imbalance.