55 Pips Closed On WTI Crude Oil While Traders Awaits EIA Report!

Yesterday, Crude Oil soared to a multi-week high as the markets have been tense regarding escalating tensions in the Middle East...


Yesterday, Crude Oil soared to a multi-week high as the markets have been tense regarding escalating tensions in the Middle East. Moreover, the API report fueled the bullishness of Crude Oil. For now, investors are focusing on the EIA report which is due to release during the New York session today.

API Inventories Report

One of the major reasons for the bullish moves in Crude Oil is the stockpiles report from API (American Petroleum Institute). As per their report, the crude oil inventories reported a drawdown of -189K. Perhaps, investors have increased Crude Oil demand over the uncertainty. In response to a suspected poison gas attack, the United States and its associates are considering air strikes against Syrian President Bashar al-Assad’s forces.  

EIA Crude Oil Inventories

Now, Crude Oil is consolidating near $65.25 and the next big moment is expected at 14:30 (GMT) as EIA will be releasing stockpiles report. It’s expected to show a drawdown of -0.6M vs. -4.6M in the last week.

WTI Crude Oil - 4 Hour Chart

WTI Crude Oil – 4 Hour Chart

WTI Crude Oil – Trading Plan

Fellas, Crude Oil was struggling to break below $65.25 and also formed a Doji candle on the 4-hour chart. Therefore, closing earlier profits was a good idea. Now, I will wait for the EIA report before placing another position. Keep an eye on $65.23 as above this, there might be a bullish reversal. On the other hand, I will take another sell on the breakage of $65.20. 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.

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