EIA weekly report

Discussion in 'Commodity Futures' started by trawer29, Jul 14, 2020.

  1. trawer29

    trawer29

    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,
     
  2. Cannon_Trading

    Cannon_Trading Sponsor

  3. El Trado

    El Trado

    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...
     
    Cannon_Trading likes this.
  4. Cannon_Trading

    Cannon_Trading Sponsor

    Many ways to skin a cat....
     
  5. trawer29

    trawer29

    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...
     
  6. Overnight

    Overnight

    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.
     
  7. trawer29

    trawer29

    So you're saying that the most important factor is the crude oil inventories increment or decrement regarding the previous week?
     
  8. Overnight

    Overnight

    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.
     
  9. Cannon_Trading

    Cannon_Trading Sponsor

    I think the spreads after reports are something to look at....Cl vs. RBOB, RBOB vs. heating oil etc.
     
  10. trawer29

    trawer29

    Today after the report releases, there's a huge bull candle... definitely it doesn't make any sense
     
    #10     Jul 15, 2020