Oil Traders Buckle Up – EIA Inventories Releasing Soon!
Arslan Butt • 1 min read
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.