WTI Crude Rallies on Sanctions and Freeze Risk: $80 in Sight?

Energy Update

/ by BlueLineFutures

WTI Crude Rallies on Sanctions and Freeze Risk: $80 in Sight?

WTI Crude Oil surges on aggressive sanctions, a looming Texas freeze, and escalating U.S.-China tensions. Is this the setup for an $80 breakout?

WTI Crude Oil Futures (February)

Friday’s Settlement: 76.57, up +2.65 [+3.58%] for the day, up +2.61 [+3.52%] for the week

On Friday, the Biden administration imposed its most aggressive sanctions on the Russian oil industry. The sanctions target two firms that handle 25% of Russian oil exports. The actual enforcement of Russian oil sanctions has been a key driver in this bullish move as the global balance sheet shifts.

The two firms sanctioned, Surgutneftgas and Gazprom Neft, shipped an average of 970,000 bbls a day in 2024 – making this announcement a considerable bullish catalyst from a fundamental standpoint.

Today, futures are higher by +1.30 [+1.70%] to 77.85

Friday’s announcement of Russian oil sanctions is still driving markets higher this morning as India announced they will abide by the sanctions and turn away sanctioned tankers.

Extended-range forecasts for North America also show another cold shot coming through the U.S. and into Texas, likely aiding markets on additional Texas freeze risk-premia.

Also, while the headline sanctions were focused on Russia, the fully updated list contained a Chinese company, Shandong United Energy Pipeline Transportation. This inclusion will likely heighten tensions between the U.S. and China.

Technical Analysis

Friday’s settlement above the October highs of 76.41, a major three-star resistance level, has set up the chart for a run towards the spring and summer highs of highs of 79.59-80.14.

The key for today is a settlement above that 76.41*** level, and a failure to do so could result in profit-taking and corresponding market weakness.

Today, markets are already trading above Friday’s high of 77.86. Technically, markets are in a full break-out towards the 79.59-80.14*** resistance level. Support and resistance levels at current prices are few and far between up here and volatility is likely to be amplified.

For intraday trading, our pivot and point of balance is 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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