Prev : 2.108M
Est : -2.928M
Less is positive for Oil
Delta Variant cases are trending up so be wary of news releases algo's will probably sell immediately.
“The EIA oil inventory falls suggest the rise in cases of COVID-19′s Delta variant is having little impact on mobility,” ANZ analysts said in a note."
"Meanwhile, the U.S. said the U.S. economic recovery is still on track despite a rise in daily COVID-19 cases as it handed down its latest policy decision on Wednesday. The decision left the interest rate unchanged between 0 % and 0.25% but did not provide a timetable for asset tapering."
So stock market should keep heading higher SnP 2008 crash previous pattern suggests this should be the case also.
Beautiful Railway candles on Daily and below also all suggest continuation higher.
Ultra Metre +91 all green
Suggest don't forget to trail behind and take profits as you go.
Have a nice day : )
"Oil prices fell more than 3% during the week ending August 6, as weak economic data from the US and China fueled demand concerns, although escalating tension in the Middle East supported an upward price trajectory."
"Producers to increase production by 400,000 barrels a day"
End of August.
"USA employment subsidies to cease Sept 25th for 25 states"
So Nonfarm numbers (That is every day Jobs) should improve more and more because people will now have to find a job, any job, which drives the economies wheels, which equals Oil consumption.
But they are increasing output in anticipation so oil should stay flat Yes ?
Maybe get back to $74