Crude Oil – A Quick Trade Plan Focusing EIA Inventories Ahead

Crude Oil traded slightly bullish during the Asian & European sessions. Is it likely to continue the bullish momentum during the New York session? Well, it depends on the crude oil stockpile report later today.  Buckle up for it…

API Inventories Report

One of the major reason of bullish moves in the Crude Oil is the stockpiles report from API (American Petroleum Institute). As per their report, the crude oil inventories reported a draw of -5.222M ahead of Christmas holidays.

EIA Crude Oil Inventories

At 15:30 (GMT), the Energy Information Administration will be releasing the inventories figures. It’s expected to report a draw of -3.6M vs. -5.1M in the last week. But, I think investors are pricing in the API report.

How to Trade EIA Report?

Since the – the 5.1M draw is already priced in, so any figure coming out from the EIA below -5M barrels can cause selling trends in the Crude Oil.

WTI Crude Oil – Trading Plan

Crude Oil is facing a strong resistance at $57.75 after having a bullish EMA crossover at $57.30. Crude Oil can reverse below $57.75 to target $57.25. While the break above $57.75 will lead the Oil towards $58.50. Now let’s wait for the data. 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.

Related Articles

WTI Crude Climbs to $62.80—Eyes $65.70 Amid Tariff Turmoil

18 hours ago

Save

Oil Nears $65 as Iran Deal Progress Shifts Supply Outlook

2 days ago

Save

WTI Crude Jumps 3.5% to $64.68 Amid Iran Sanctions and OPEC+ Cuts

5 days ago

Save

Comments

0 0 votes

Article Rating

Subscribe

Login

Notify of

new follow-up commentsnew replies to my comments

Please login to comment

0 Comments

Oldest

Newest Most Voted

Inline Feedbacks

View all comments