Daily Review

Review – Inventories CL DOE Report

Trade Review

CL Crude futures:

Great day trading, took some losses in other instruments, then waited on the DOE inventories report, which reported a massive of  beat on expectations. The forecast was for a draw of -2.283M and the actual was a draw of  -6.299M. The rest of the data drop showed draws across the board (listed below).

6:00   USD Crude Oil Inventories -6.299M -2.283M 0.118M
16:00   USD Crude Oil Imports -0.514M 0.129M
16:00   USD Cushing Crude Oil Inventories -1.334M -0.297M
16:00   USD Distillate Fuel Production -0.144M -0.007M
16:00   USD EIA Weekly Distillates Stocks -1.850M 0.217M -0.223M
16:00   USD Gasoline Production 0.031M 0.171M
16:00   USD Heating Oil Stockpiles -0.066M 0.078M
16:00   USD Gasoline Inventories -3.669M -1.067M -0.894M

I took the long out the gate soon as I was clear that the data supported the long, my target was R1, then traded the pull back averaging in towards 46 hanle and taking quick profits on any ticks to the upside, market looked a little heavy with most of the trade finishing within the first 15 minutes of Doe release, I had targets for a retest of R1, it didn’t happen. You can see my exits were well timed off the pull back as we sold of 1% overnight to trade below 45 again.

Overall happy with the trade, the second entry was risky as I entered in to early, should have waited a little longer to get a better entry at 46 handle, would have made a cleaner trade.

DoeTrade

 

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