
Yesterday’s Settlement: 68.43, up +0.31 [+0.46%]
WTI Crude Oil futures settled marginally higher yesterday after a steep fall to start the session. December futures fell -1.12 to start the session but held support at 67.00.
Today, crude is entering the U.S. session higher by +0.73 [+1.07%] and is showing relative strength within the commodity space which is largely red on the day. The dollar continues to exhibit impressive strength and is higher by another +0.35% today. Yesterday the Euro blew through support levels and now the Yen is firmly above the key 155 level.
U.S. PPI figures came in hotter than expected this morning on prior month revisions. Inflation continues to trend upwards and a higher-for-longer interest rate environment is becoming more of a reality.
Traders continue to grapple with a strengthening dollar, 2025 forecasted surpluses, an evolving Chinese economic situation, and a fragmented Middle East.
Rumors surfaced yesterday that Israel was mulling a ceasefire with Lebanon-based Hezbollah as a “gift for Trump”. We have yet to see these reports confirmed but ceasefire talks are reportedly showing progress.
The IEA released their monthly oil market report last night, which showed Oil markets in a 1mln bpd surplus in 2025. We view these estimates as overly bearish.
Due to Monday’s holiday, EIA figures will be released today. Estimates for the number are as follows (thousand bbls):
- Crude: +1,600
- Gasoline: +1,000
- Distillates: +1,266
- Refinery Utilization: +0.70%
{Two-Day tick chart; US Dollar Index}


WTI Crude Oil futures held key three-star support levels yesterday rallied back to positive levels. Today, futures are once again showing strength and are working to establish a solid tradeable range. Our pivot and point of balance has been moved to…
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