WTI Crude Finds Support Amid OPEC+ Deliberations and Tariff Buzz

Energy Update

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WTI Crude Oil Futures (January)

Yesterday’s Settlement: 68.77, down -0.17 [-0.25%]   

WTI Crude Oil futures were marginally weaker yesterday on a stronger dollar and a relatively weak commodity trade outside of the rebound in precious metals.

Today, Crude oil prices are higher by +0.43 [+0.63%] to 69.21.

Buoying prices are rumors that OPEC+ will further support oil prices by once again delaying oil output hikes now scheduled to start in December. Market chatter is that the Saudi’s are pushing OPEC to delay the hikes through the end of Q1 2025.

If true, this is a fundamentally bullish catalyst with legs as the market would more than likely remain in a deficit through the end of March. The group is scheduled to meet Sunday, December 1st for their quarterly meeting.

Other headlines include tariff news from the Trump camp, which clarified that crude oil will not be excluded from Canadian and Mexican tariffs – a potentially bullish catalyst for already low domestic supply levels. The Israel – Hezbollah ceasefire went into effect earlier this morning which has now been priced into markets multiple times. 

The dollar is weaker today, led by a 1% strengthening in the Yen. The Euro is also stronger by 0.51% while the Chinese Yuan is relatively flat. The U.S. releases a slew of data today, including Core PCE figures, which are estimated to accelerate to +2.8% YoY [+2.7% previous]. 

{OPEC+ Production Details}   

Yesterday’s low of 68.05 was well below our key 3-star support level of 68.49-68.75 but prices rallied to close above support and maintain a friendly consolidation. As markets shift their focus away from the Lebanon ceasefire and to the OPEC meeting Sunday, the rumored delay in supply hikes should skew price action bullish at these price levels. 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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