WTI Crude Oil: Tariffs, Truces, and a Rebound in Focus

Energy Update

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WTI Crude Oil Futures (January)

Yesterday’s Settlement: 68.94, down -2.3 [-3.23%]

WTI Crude Oil futures fell sharply following reports that Israel had agreed to a truce with Lebanon’s Hezbollah “in principle”. The appointment of Scott Bessent, who’s plan to reduce the deficit also includes the ramping of U.S. crude oil production aided the fall in oil prices as well. Bessent is seen as a moderating force within the Trump administration and his appointment weakened treasury yields and stymied dollar strength.

The fall in WTI came alongside a sharp drop in the dollar index (DXY), a move seen as anomalous compared to recent price action.

Global risk assets seemingly brushed off major headlines, including France & the U.K. considering sending troops to Ukraine.

Today, WTI Crude Oil futures are higher by +0.75 [+1.05%] to 69.69. After market close yesterday, Trump announced a baseline 25% tariff on Canada & Mexico and an additional +10% tariff on China that will start on January 20th. Mexico and Canada are key suppliers of Crude Oil to American refineries – and while we don’t have specifics on the tariff plan just yet, tariffs and trade tensions should be eyed closely by traders. The Chinese tariffs were largely known, and the PBOC intervened last night to defend currency weakness. The Chinese Yuan is weaker by -0.20%, the Canadian Looney by -0.98%

Yesterday, prices blew through short-term support at 70.42 – 70.11 and closed just slightly off the lows near longer-term support at 68.45 – 68.64. Our key three-star support level of 69.29-69.61 was held through the overnight trade. This morning, prices have rallied +0.75 to 69.96. Our Pivot and point of balance for the day is…

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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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