Oil Traders Buckle Up – EIA Inventories Releasing Soon!

WTI Crude Oil traded exactly as predicted in my earlier update and our forex trading signal helped us capture another 50 pips. Presently, I'm looking to enter the market only during the U.S. sessions after the release of the EIA reports.

API Report Update  

According to the latest American Petroleum Institute (API) inventory figures, crude oil recorded a draw of 3.60 million barrels after last week's substantial draw of 9.16 million barrels. This draw was expected, so we haven't experienced any serious moves in Crude Oil.

How to Trade EIA Report?

We often discuss the correlation between the API report and the EIA report. Based on the API report, investors are expecting a draw of 3 million in the release of EIA inventory data. It's fine if the draw remains closer to 3 million. Any surprise though will help us secure our position.

Trade the News 

EIA Reports Draw of – 7 Million

• Buy Crude Oil at CMP for 50 – 60 Pips

EIA Reports Build of + 2 to 5 Million

• Sell Crude Oil at CMP for 50-60 Pips

Refer to FX Leaders News Trading Strategy to brush up your news trading skills. Good luck.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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