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Chinese equities rallied once again last night, showing strong follow-through

Energy Update

/ by BlueLineFutures | Leave a comment

WTI Crude Oil (November)

Yesterday’s close: Settled at 71.56, up 1.19

Yesterday’s risk-on rally was driven by Chinese stimulus announcements Monday night. The sweeping stimulus spurred commodity buying across the metals and the Crude Oil complex. Chinese equities rallied once again last night, showing strong follow-through.

In the Middle East, hopes for de-escalation have been all but dashed. Leading up to the UN General Assembly, Iran’s new president, Masoud Pezeshkian, spurred some hopes that he was open to beginning talks with Israel. But, during Pezeshkian’s address to the UN, he simultaneously threatened retaliation for the Lebanon strikes and pinned cooperation with the West on a return to the nuclear accords and the lifting of sanctions. For now, the path forward in the Middle East looks like escalation.

In other news, Tropical Storm Helene looks to strengthen into a hurricane as it enters the Gulf and veers towards Florida, disrupting production.

The API Inventory report last night showed (in bbls):

  • Crude:    -4,340k 
  • Gasoline:     -3,440k
  • Distillates:    -1,120k


Estimates for today’s EIA report are as follows (in bbls):

  • Crude:        -938k
  • Gasoline:    -118k
  • Distillates:    -1,217k


Estimates shown above are bullish on the complex if realized.

WTI is trading lower by -1.41 this morning to 70.14 after hitting resistance around the 72.00 level. Brent has also failed around the key 75.00 mark for now.

Also, the UN General Assembly is set to discuss the Libya situation today which may result in some bearish headlines. 

While we remain bullish in the medium term, we caution against aggressive new longs at these levels. Overnight weakness has breached supports from 71 down to 70 with a low of 69.86. Although we have key 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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