EIA Petroleum Report

Released On 6/13/2012 10:30:00 AM For wk6/8, 2012

	Prior	Actual
Crude oil inventories (weekly change)	-0.1 M barrels	-0.2 M barrels
Gasoline (weekly change)	3.3 M barrels	-1.7 M barrels
Distillates (weekly change)	2.3 M barrels	-0.1 M barrels

Despite inventories being near full capacity, we saw a little larger draw in crude this week and thus far a favorable reaction from USO.

USO right now with a volume spike on the 10:30 report.

 USO 1 min positive divergence

 USO 2 min in a leading positive divergence

 USO 5 min looking better very recently

The 15 min chart is still in line since the negative divergence on the 7th's gap up, there's improvement in USO on the shorter timeframes, but ultimately that needs to keep up and reach at least this 15 min timeframe before any trend in USO can be considered stable enough for a swing trade, intraday trades may be favorable on a better price point entry. We'll keep an eye on USO and see if some short term opportunities arise as they frequently do on Wednesday's report.