CRUDE OIL had a DRAW of 4382K. Consensus was for a BUILD of 100K. BULLISH (AND WAY OFF THE CONSENSUS!)
GASOLINE had a DRAW of 1553K. Consensus was for a BUILD of 750K. BULLISH(AND OFF FROM THE CONSENSUS!)
DISTILLATE had a DRAW of 318K. Consensus was for a BUILD of 1500K. BULLISH (AND OFF FROM THE CONSENSUS!)
Very bullish report here (contrary to the analysts) as we enter the summer driving season. That alone does not give us a trade. Since my last report oil and the USO have been on a tear. The OIH, XLE, KOL, XNG have been doing pretty much as we expected: consolidating.
Just waiting for the next move: will the oil stocks catch up with the USO or will we continue to have consolidation? Who knows?
I just look for my simple pattern to trade.
