CRUDE OIL had a build of 605K. Consensus was for a build of 2500K. LESS BEARISH THAN EXPECTED (AND WAY OFF THE CONSENSUS!)
GASOLINE had a draw of 167K. Consensus was for a build of 550K. BULLISH (AND OFF FROM THE CONSENSUS!)
DISTILLATE had a build of 2428K. Concensus was for a build of 900K. BEARISH (AND OFF FROM THE CONSENSUS!)
BEARISH numbers EXCEPT FOR GAS, which is very bullish. Pretty much the same results as last week as the analysts continue to be more bearish on the oil and gas numbers than the numbers betray.
As usual, the trade will reveal itself later (if at all) after the initial emotions wear off and the initial spike one way or the other settles down.
As I mentioned in my post about a new technical indicator I am developing and in my oil inventory post last week, the coal sector (KOL) has broken out to the 200 SMA (TANKS), along with natural gas (XNG). The OIH and the XLE still have room to run to the 200 SMA (MAB at this point). The oil futures index (USO) is breaking toward the upper end of its recent range high from the end of March, so could breakout or stay in the range.
If you would like to see my charts for these let me know and I would be glad to email them to you.
Trade according to your rules and you never really lose!
HELP WANTED: OIL INVENTORY ANALYST.
