CRUDE OIL had a build of 4053K. Consensus was for a build of 1800K. BEARISH (AND WAY OFF THE CONSENSUS!)
GASOLINE had a draw of 4695K. Consensus was for a build of 200K. BULLISH (AND NOT EVEN CLOSE TO THE CONSENSUS!)
DISTILLATE had a build of 1794K. Concensus was for a build of 1000K. BEARISH (CLOSER THAN THE OTHERS!)
BEARISH numbers EXCEPT FOR GAS, which is very bullish.
As usual, the trade will reveal itself later (if at all) after the initial emotions wear off. The oil market (USO, XLE, OIH, KOL) has been trading sideways but the XLE and KOL have started to break out to the upside (with the general market). Therefore, some of the coal names (CNX) and oil names (XTO) are starting to break out as well. The USO looks to be stabalizing above the 50MA and the OIH is trending toward its 200MA, taking several oil services stocks with it (SLB in particular). Trade according to your rules and you never really lose!
HELP WANTED: OIL INVENTORY ANALYST.
TRADING IS WAR. PREPARE YOUR WEAPONS.
