Volatility through the end of the week is expected, and caution is advised

Energy Update

/ by BlueLineFutures | Leave a comment

Last night’s API print was bearish, showing a build of nearly 2mln bbls of crude stockpiles while showing a build in gasoline and distillates as well.

WTI Crude Oil (October)

Yesterday’s Close: Settled at 69.96, up 0.94

Crude rallied yesterday on increased geopolitical risk and a weaker dollar as the Israel / Hezbollah conflict intensified and traders awaited today’s Fed Decision. 

At the time of writing, WTI Crude Oil futures are down -0.54 to 69.43 this morning. 

Last night’s API print was bearish, showing a build of nearly 2mln bbls of crude stockpiles while showing a build in gasoline and distillates as well. The API report, which front runs the government-mandated EIA report, has been volatile in its usefulness as an indicator for EIA reports – but the print has been giving traders pause.

EIA estimates for today are as follows:

  • Crude Inventories:    -213.57k bbls
  • Gasoline Inventories:    +1,140.43k bbls
  • Distillate Inventories:    +994.14k bbls
  • Refinery Utilization:    -1.26%   


In the Middle East, Iran-backed Hezbollah has accused Israel of executing an attack inside Lebanon using exploding pagers. An Iranian envoy to Libya was injured in the attack, and the Israel situation looks set to escalate. 

The trade through the rest of the week will be dependent upon today’s Fed decision. Traders are split between a 25bps and 50bps cut to rates with probabilities favoring 50bps. If the Fed were to go 25bps, we may see dollar strength, which could lead to a bearish oil trade. Volatility through the end of the week is expected, and caution is advised. 

We remain upbeat at this level as price action attempts to build out a bottom. However, ‘strong opinions held weakly’, and if support breaks, we do agree with quickly getting out of the way. For now, strong overhead resistance at 70.65-70.88 and 71.15-71.55 has kept rally attempts in check, and we must see a close above here in order to stoke higher prices. Still, we see continued constructive price action while above major three-star support 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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