Crude rallied yesterday as the global trade shifted risk-on after the U.S. CPI number.

Energy Update

/ by BlueLineFutures | Leave a comment

Yesterday’s EIA report showed commercial stockpiles still hovering around five-year lows, and refinery utilization came in (again) stronger than expected.

WTI Crude Oil (October)

Yesterday’s close: Settled at 67.31, up 1.56

Crude rallied yesterday as the global trade shifted risk-on after the U.S. CPI number. Overnight, WTI is up another +0.83 [+1.26%]. Yesterday’s EIA report showed commercial stockpiles still hovering around five-year lows, and refinery utilization came in (again) stronger than expected. EIA data has now shown four straight months of crude inventory declines, and projections for September are for another draw of 1.4mln barrels. EIA crude oil stockpiles chart shown above.

This morning, the IEA (International Energy Agency) released its own monthly report. The report showed that global stockpiles also declined in July, and the agency projected that they would show draws in August as well. For further data and color on the IEA report, please contact our research desk. 

It’s important to remember that the bear case in crude has been a forward looking thesis, with the 2025 demand picture looks anemic working in conjunction with increased supply from OPEC – this has created the weak fundamental outlook. The current supply & demand picture in crude is much tighter and cash markets have been much more resilient than futures during this latest sell-off. 

This morning, PPI came in a bit hotter than expected and weekly jobless claims were largely in line with expectations. The initial reaction has been that of risk-on. 

If WTI can finish the week strong, tradeable support levels may start to look stronger around these levels.

Price action has regained key resistance at…

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Futures trading involves a substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.

Blue Line Futures is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians, or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition.

With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy, and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third-party application. Blue Line Futures employees use only firm-authorized email addresses and phone numbers. If you are contacted by any person and want to confirm your identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500

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