US Crude Oil Inventories March 24 2021

[JamesThatcher]

US Crude Oil Inventories March 24 2021
Country of release - USA

What does the data mean to the market? The data indicates the number of crude oil barrels held by commercial firms in the US. This inventory is taken weekly and indicates increases or decreases needed in supply which then affects the price. A Positive number is bad for the oil price. There is other oil data released the night before this report, API Weekly Crude Oil Stock which the market looks for as an indicator to today’s report, which can also gauge how it will respond.


Historic Deviations and Their Outcome
Last week
Mildly positive overall from both lines and OIL went down in a bumpy way. So as expected!
See charts here -->
https://calendar.galaxysoftwareinc.com/ ... 03-17;r=M1

Two weeks ago,
Again, a conflicting mess that we wouldn't trade.
See charts here -->
https://calendar.galaxysoftwareinc.com/ ... 03-17;r=M1

Today’s Forecasts
1) DOE Crude Forecast = 0272
2) API Actual Crude = 2900

3) DOE Gasoline Forecast = 1186
4) API Actual Gasoline = -3700

I'll use a forecast of +1000 for Crude oil
Will, therefore, use a forecast of 0 for Gasoline

Today’s Trade Plan
If we get a 4000+- deviation on Crude OIL and no conflicts from Gasoline, we can expect a good move, and hopefully, a trend will begin!

Tradeable Pairs
WTI, OIL, Brent