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In a volatile trade, WTI Crude Oil futures closed lower by -0.90% yesterday

Energy Update

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WTI Crude Oil (November)

Yesterday’s close: Settled at 70.37, down 0.63

In a volatile trade, WTI Crude Oil futures closed lower by -0.90% yesterday. Price action was largely driven by Middle-Eastern geopolitical risk as Israel ramped up air strikes in Lebanon Sunday into Monday. WTI rallied to start the day, making a high of 71.81 [+1.14%] before falling to a low of 69.49 [-2.13%] on peace talk news fueled by Iranian president Masoud Pezeshkian. Iran’s president publicly stated that he is “prepared to ease tensions with Israel”, which prompted the sharp sell-off.

WTI futures are higher this morning by +1.67 [+2.37%] to 72.04 on the backs of Chinese stimulus announcements and a new wave of Israeli military attacks into Lebanon. The announced Chinese stimulus is broad-based and holds more firepower than markets had anticipated. Chinese equities ended the day up by over +4%. We view the stimulus announcement as bullish for the commodities space in the short term.

As noted in our previous letters, increased Chinese stimulus could be the kicker this market needs to create a real bull run. The bear case has been tied to a weak 2025 demand outlook that’s driven by an anemic Chinese economy. If Chinese demand projections turn, the forward-looking balance sheet will tighten quickly.

Chinese stimulus, low current inventory, and ramping Middle Eastern tensions all aid the bull case while managed money maintains a near-record short position in the complex. In the short to medium term, we are bullish on the space.

WTI Crude Oil futures have cleared what was rare major four-star resistance to finish last week and has been major three-star resistance this week 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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