WEEKLY OIL INVENTORY REPORT: BULLISH BULLISH BEARISH

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CRUDE OIL had a draw of 4629K.  Consensus was for a build of 1000K.  BULLISH (AND WAY OFF THE CONSENSUS!)

GASOLINE had a draw of 4154K.  Consensus was for unchanged.  BULLISH (AND WAY OFF FROM THE CONSENSUS!)

DISTILLATE had a build of 922K.  Concensus was for a build of  1250K. BEARISH (AND CLOSE TO THE CONSENSUS!) 

BULLISH numbers except for distillates, which is bearish. 

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. 

Here is what I see from the major oil indices/ETFs (and see my discussion about the MAB):

USO:  has broken through a range high from 3/26 after a huge move from the 50 SMA (50 TANKS) on the DAILY: the WEEKLY is in a tight range.

XLE:  as I mentioned in my post about a new technical indicator I am developing,  the XLE has found resistance at its 200SMA (200 TANKS) on the DAILY; the WEEKLY is at the top of a tight range.

OIH:  just like the XLE, the OIH has found resistance at its 200SMA (200 TANKS); the WEEKLY is at the top of a range high that dates back to October ‘08.

KOL:  broke through the 200SMA (200 TANKS) and has been finding support there the last five trading days; the WEEKLY is closing in on its 50SMA (50 TANKS)

XNG: same as KOL on the DAILY with 200SMA (200 TANKS) and 50SMA (50 TANKS) as possible resistance on the WEEKLY.

Looks like support/resistance areas on each of these should be watched closely and then trade the individual names within these sectors accordingly.

HELP WANTED: OIL INVENTORY ANALYST.

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