Oil Traders Buckle Up – EIA Inventories releasing soon!
Arslan Butt • 1 min read
Recalling my earlier update, the WTI Crude Oil traded exactly as forecasted and our forex trading signal help us capture another 50 pips. Presently, I'm looking to enter the market only but during the U.S. sessions on the release of EIA reports.
API Report Update
According to the latest American Petroleum Institute (API) inventory figures, the crude oil recorded a draw of 3.60 million barrels after the substantial draw of 9.16 million barrels last week. The draw wasn't surprising and came out as expected, we haven't experienced any serious move in Crude Oil.
How to Trade EIA Report?
We often discuss the correlation between API report and EIA report. Thereby, now investors are expecting a draw of 3 Million in the actual release of EIA inventory data. It's fine if the draw remains closer to 3 Million. But any surprise 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.