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CRUDE OIL had a build of 5671K. Consensus was for a build of 1750K. BEARISH (AND WAY OFF THE CONSENSUS!)
GASOLINE had a draw of 944K. Consensus was for a draw of 500K. IN LINE
DISTILLATE had a draw of 1170K. Concensus was for a draw of 1000K. IN LINE
The so-called consensus was fairly close estimating the GASOLINE and DISTILLATES but the OIL numbers were way off and BEARISH.
As usual, the trade will reveal itself later (if at all) after the initial emotions wear off. The oil market (USO, XLE, OIH) is currently in a sideways range around major moving averages. Will have to be patient for the next move.
See HELP WANTED: OIL INVENTORY ANALYST
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