bloomberg: Insiders at refiners buy most stock since 2000

Bloomberg.com: Invest

June 23 (Bloomberg) -- Refinery executives are buying more
of their own stock than at any time since 2000, prompting
investors to bet that a retreat in oil will boost profits and
reverse the biggest share decline in a decade.

Executives at 10 refining companies snapped up $2 million of
their shares last month, twice what they sold, according to data
from the Washington Service, which analyzes insider patterns for
500 institutional clients. That helped raise the average level of
purchases to the highest in eight years, data from Argus Research
Co. compiled by Leuthold Group show. Before March, insiders
dumped more shares than they bought every week since 2003.

Insiders added to stakes following a 42 percent slide in oil
and gas processors in Standard & Poor's indexes as of last week,
the largest drop since at least 1995, after a 40 percent gain in
crude pushed down profits. Caxton Associates LLC, Citadel
Investment Group LLC and Renaissance Technologies Corp., which
oversee $64 billion in hedge-fund assets, also boosted bets that
the shares will rebound, according to data compiled by Bloomberg.

For investors looking for a correction or interim top in crude this is a better play than airlines in my opinion. Please note I am tip toeing into refiners myself, so i am talking my book. Last time I bought refiners they rallied for about a week then rolled off of a cliff. Thank goodness for stops. be careful out there.