Hi all, Recently I started reading the EIA weekly report as I trade crude oil and I want to try scalping when the report comes out. Is there someone can help me to understand/read this report? Any suggestion is welcome. Thanks in advance,
Need to know what is expected, what came out and how the market reacting. You can try this source for audio news: https://www.cannontrading.com/tools/live-sp-pit-audio-feed Also back test some breakout and counter trend strategies in correlation to what was expected and what came out
Is that even possible to do manually? I would think the machine learning bots would react to that report before you even manage to open it? Isn't it better to go for a bit longer time-intervals? Just my 2 cents...
I know that I will not be able to beat the machines but I can program something to extract the report's results... The fact is that I don't know how to read the report correctly...
http://ir.eia.gov/wpsr/wpsrsummary.pdf First sentence of third paragraph is the main thrust for CL. RB is further along in that paragraph.
So you're saying that the most important factor is the crude oil inventories increment or decrement regarding the previous week?
Not really. What I am saying is that the number you see reported every Wednesday comes from the first line of that third paragraph. I am sure some algos trade on that number alone. There are way more metrics to consider, such as the forecast from both the EIA and API and how they differ from the forecasts, the different PADD stats (It ain't all Cushing you know), along with a million other little bits.