Crude Oil Bullish Wave Halts – API Report Awaited!
Arslan Butt • 1 min read
As mentioned in our previous report WTI Crude Oil – Sideways Pattern Awaits Breakout, the American Petroleum Institute didn't release the inventories figures. So, what caused such a bullish move in Oil? Let me solve this puzzle for you…
Major Reason Behind Bullish Wave In Crude Oil
The reason why Crude oil prices soared sharply ahead of API estimates of U.S. inventories is that the refineries in the United States Texas recovered from hurricane-related cessations. Since these are back in action, these refineries will definitely increase in existing demand of the Oil. Hence the prices increased on sentiments.
U.S. API Weekly Crude Oil Stock
The American Petroleum Institute is due to report the weekly inventory levels of U.S. Crude Oil today at 20:35 (GMT). The figure shows how much oil and product is available in storage.
The indicator gives an overview of the U.S. petroleum demand. The draw in inventories increases the prices of Crude Oil, whereas, the inventory builds diminishes the prices over lower demand concerns. The previous figure reported a draw of -4.079M barrels. Let's wait and watch for the new figures.
Crude Oil – 4 – Hour Chart
WTI Crude Oil – Trading Plan
Today, $51.40 is a good level to stay in sell position but only before the release of API Report. After this, the market will determine its trend based on the release. Good luck.