EIA Report

Here are the results for Petroleum Inventories...

Released On 2/29/2012 10:30:00 AM For wk2/24, 2012

	Prior	Actual
Crude oil inventories (weekly change)	1.6 M barrels	4.2 M barrels
Gasoline (weekly change)	-0.6 M barrels	-1.6 M barrels
Distillates (weekly change)	-0.2 M barrels	-2.1 M barrels

Crude saw a good size build, Gasoline a draw and distillates a draw.

Refineries have slowed production (running at 83% capacity)  in reaction to less demand for gasoline because of higher prices (this seems like a little bit of an oxymoron) however, it contributed to the stronger crude inventories.

Here's crude's reaction

The red arrow is the release of the report.

Here's the trend since the Channel Buster (by the way, I have a template for scans available).

As you can see, volume is increasing on the downside.

I will update the 3C charts for Crude/USO shortly.