US EIA Crude Oil Stocks Change
Oil is traded on futures; you probably should look toward the futures market. It has its own peculiarities in the forecasts because there are two sources of crude oil stocks: DOE - US Department of Energy and API - American Petroleum Institute.
Features of the publication
The next signal
How to trade US EIA Crude Oil Stocks Change
Of course, you can try to find a broker offering CFD for oil, which Forex brokers may have, using a search, for example.
Oil is commonly called as CL – Crude Oil.
Crude oil in Metatrader
If you take the most popular terminal MetaTrader, then to search for hydrocarbons in it, we go to the Market Overview window, right-click and select the menu item “Show All”. If your broker supports gas or oil trading, then the corresponding characters will appear in the list.
Note that the standard #CL will have additional characters, such as "#CLJ" or "#CLK". Additional designations identify the expiration time of traded contracts.
So the end of the trading on the specified contracts will be:
F - January
G - February
H - March
J - April
K - May
M - June
N - July
Q - August
U - September
V - October
X - November
Z - December
The current volumes of hydrocarbon trading can be found on the specialized sites CME Group Oil.
Different brands of crude oil
You can also find several existing brands of crude oil traded on world markets: Brent and WTI. Both brands, or rather the prices of a barrel of oil of a particular brand, will react to the weekly oil stocks publication (the indicator we use for trading), but the most quoted one is still WTI, we recommend you to pay attention to it. Actually, #CL by default will mean WTI prices.
Please note that you need to use a broker's demo account in order to take care of the cost of one item of the traded instrument of oil from it.
DOE and API
For trading signals, we use the DOE oil stocks indicator, since API data are already known before it is published, and the triggers, respectively, take into account both the first and second indicators. You can see a significant difference between them for different directions of buy and sale.
History of publications
- 1 of 4
- next ›