USOil, H1
Front month US Oil crude spiked up more than $1/bbl to $45.23 from $44.20 following the EIA inventory data which showed a 3.4 mln bbl fall in crude stocks. The street had been expecting a 0.5 mln bbl increase. Meanwhile, gasoline supplies, seen down 0.5 mln bbls actually fell 1.2 mln bbls, while distillate stocks were down 1.6 mln bbls, versus expectations for a 1.0 mln bbl fall. Refinery usage fell to 89.1% from 89.7%.
Overall, a very bullish report. USDCAD also fell as expected, having been north of 129.00 today and as high as 1.2935 it is currently trading down at 1.2850.
Always trade with strict risk management. Your capital is the single most important aspect of your trading business.
Janne Muta
Chief Market Analyst
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.
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