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Yesterday, we alerted clients to the risk that Libyan resolution headlines..

Energy Update

/ by BlueLineFutures | Leave a comment

WTI Crude Oil (November)

Yesterday’s close: Settled at 69.69, down 1.87

Yesterday, we alerted clients to the risk that Libyan resolution headlines could come out of the UN General Assembly and cautioned against new longs at a technically exhausted level. That catalyst was realized as Libya’s two rival factions came to an agreement on a new central bank head, potentially adding over 500kbpd to global supply. Crude sold off sharply on the news despite another bullish EIA report. 

WTI futures are off another -2.47% this morning. Putin announced that they may lift restrictions on gasoline as exports to ease their current surplus. But the big news is a story from the Financial Times. 

The article stated that Saudi Arabia is ready to abandon their unofficial oil price target of $100 / bbl in a bid to gain market share. I have not seen confirmation from the Saudi’s on this, but it should be taken seriously. If true, the next question is severity, as in how much market share they want to win. Saudi Arabia has considerable spare capacity and historically has shown no qualms about turning on the spigots to drive out competition aggressively – even more aggressively than anyone thought possible when they drove crude below $0. 

The report is likely hyperbole but it’s important to keep an eye on that.

We’re shifting Neutral / Neutral today and are skewing risk & protection preference to the downside until the Saudi Arabia rumors get sorted out. The bullish demand catalyst that came from a revived China will bite less with Libyan barrels come back online and will be more than offset if Saudi Arabia does start ramping production. 

To many unknowns for a confident trade today, anticipate volatility.

WTI Crude Oil futures have fallen sharply on the session, breaking significant areas of support and creating severe damage to the bull case. Our Pivot and point of balance will be crucial, and only a rebound above here on the session will help signal a rejection of lower prices. For now, price action is digging into 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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