OIL REPORT CONTINUES TO EXHIBIT BEARISHNESS

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CRUDE OIL had a build of 3857K.  Consensus was for a build of 2500K.  BEARISH (AND WAY OFF THE CONSENSUS!)

GASOLINE had a build of 802K.  Consensus was for a draw of 700K.  BEARISH (AND WAY OFF CONSENSUS!)

DISTILLATE had a build of 2682K.  Concensus was for a draw of  1000K. BEARISH (AND WAY OFF CONSENSUS!) 

BEARISH numbers all around.

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 but it looks as though there is a higher probability of a leg down due to the current oversold equities market or best to wait it out until there is a break one way or the other from the current sideways range.  It just depends on the time frame you trade.

 HELP WANTED: OIL INVENTORY ANALYST.

TRADING IS WAR. PREPARE YOUR WEAPONS.

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