WTI Crude Oil – Top Economic Event & Trade Idea! - Forex News by FX Leaders

WTI Crude Oil – Top Economic Event & Trade Idea!

Posted Wednesday, October 4, 2017 by
Arslan Butt • 1 min read

Crude Oil traded exactly in line with our forecast shared in Top Two Reasons of Bearish WTI Crude Oil. Today, all eyes are on the EIA Crude Oil Inventories reports. Here is a trading plan for Crude Oil for today. 

Quick Review – API Report

Yesterday, the American Petroleum Institute (API) released the stockpiles figures showing a draw of -4.079M which is way higher than the previous figure of -0.761M. That's why we see a slight bullish move up to $50.65.

How to Trade EIA Report Today?

Today at 14:30 (GMT), the EIA is scheduled to release the  Crude Oil Inventories. It shows the change in the number of barrels of crude oil held in inventory by commercial firms during the past week. It's forecasted to release -0.5M draw, but after seeing the API figures I think we see nearly -3M to -5M draw in inventories. As a result, the Crude Oil is predicted to show some bullish waves. Are you looking to trade inventories? Then, you must refer to FX Leader News Trading Strategy to ensure profitability.

Crude Oil – Trading Plan

Today, I'm eyeing on the $50.10 as it's a key level to determine the bullish and bearish trend. Taking a buy position is preferred with a target of $50.50 and $50.85. But be careful traders, the news during the U.S. session may cause volatility. Good luck!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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