Released at 10:30...
Released On 6/20/2012 10:30:00 AM For wk6/15, 2012
| Prior | Actual |
| Crude oil inventories (weekly change) | -0.2 M barrels | 2.9 M barrels |
| Gasoline (weekly change) | -1.7 M barrels | 0.9 M barrels |
| Distillates (weekly change) | -0.1 M barrels | 1.2 M barrels |
Crude saw a build of 2.9 mm barrels, I don't know what consensus was, but generally a build is not great for oil's price.
As for the charts...
The reaction on a 1 min chart to the 10:30 release
The daily USO chart with a downtrend and a bearish descending triangle (consolidation/continuation pattern) implying the next leg down is set to start. We have seen quite a few of these patterns lately head faked to the upside on at least brief, but strong moves, take GLD for example which looked nearly identical before seeing its biggest 1 day gain since 2009.
The 5 min chart mentioned earlier showing a negative divergence going in to this gap/island-like area.
The longer term 15 min chart looking somewhat positive at the bearish price pattern.
The 60 min chart looking pretty good at the bearish price pattern.
The 1 min intraday response to the report, it looks muted, but there appears to be some stabilization.
I'll keep an eye on this to see if we may get a move worth trading.
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