WTI Crude Struggles Amid Strong Dollar and Chinese Demand Concerns, Testing Key Support

Energy Update

/ by BlueLineFutures | Leave a comment

Yesterday’s Settlement: 68.12, up +0.08 [+0.12%]

WTI Crude Oil futures made a session high at 69.13 yesterday just prior to the U.S. open (8:23am). Futures were then sold through the open until 10:00am, where buyers stepped in around 67.75.

The selling yesterday was again attributed to weak Chinese demand outlooks and a strong U.S. dollar. The DXY (USD Index) reached highs not seen since June 26th yesterday, driven by a very weak British Pound, and a weak Euro and Yen. The Euro and Yen reached key support levels at yesterday’s close, and a slight retracement of the Dollar is expected in the medium term.

Today, WTI crude oil futures are relatively flat and the dollar is marginally weaker. This morning, month-over-month CPI and Core CPI figures printed in line with estimates at +0.2% (CPI) and +0.3% (Core CPI). While figures were in line with estimates, the “whisper number” was for a CPI beat of +0.3%. The initial reaction to the release has been bond strength (lower yields), which should add to some weakness in the dollar.

Due to Monday’s holiday, EIA figures will not be released until tomorrow. Early estimates for the number are as follows (thousand bbls):

  • Crude: +424
  • Gasoline: +270
  • Distillates: +983
  • Refinery Utilization: +0.60%

{Two-Day tick chart; US Dollar Index}

WTI Crude Oil futures are diving to new swing lows this morning and testing into major three-star support at 67.21-67.55. Yesterday’s early morning peak aligns to create first key resistance and a level in which price action must clear in order to begin neutralizing the ugly start to the week. As the day unfolds, the Pivot and point of balance can be a leading indicator of direction 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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