WTI Crude Surges Above $80: Is Bullish Momentum Here to Stay?

Energy Update

/ by BlueLineFutures

WTI Crude Surges Above $80: Is Bullish Momentum Here to Stay?

WTI Crude Oil surges above $80, hitting a 5-month high as freight costs climb and crude draws outpace expectations. Key resistance at $80.14 could define today’s momentum. Settlement above or below $79.59 is critical—stay tuned!

WTI Crude Oil Futures (February)

Yesterday’s Settlement: 80.04, up +2.54 [+3.28%]

WTI Crude Oil futures moved sharply higher yesterday, settling above $80 and making a five-month high. Freight costs continue to surge as former buyers of Russian crude search for other suppliers.

The EIA report showed strong crude draws but large product builds, figures are shown as follows [thousand bbls]:

Crude Oil: -1,962 vs -850 estim
Gasoline: +5,852 vs +2,600 estim
Diesel: +3,077 vs +1,340 estim
Refinery Utilization: -1.60% vs -0.90%


The International Energy Agency revised it’s outlook yesterday and moved their 2025 surplus estimate to 725k bbls/day from 1mln bbls/day.

Also, Israel and Hamas have agreed to a ceasefire deal, bringing a temporary halt to the war after 15 months.

Today, futures are lower by -0.40 [-0.50%] to 79.65

Futures are lower today on a mixed macro backdrop. The dollar is trading higher alongside yields while equities and precious metals are trading higher. Precious metals are the strongest on the board this morning.

Technical Analysis

Futures moved sharply higher yesterday, settling above Monday’s high. If we can settle above 80.14, and make a new 12-month high, charts will show little resistance. The sharp move higher yesterday has crude trading right into our major three-star resistance zone of 79.59-80.14 this morning.

While we caution against chasing prices at these levels, we again caution against shorting this market due to the fundamental factors at play.

Intraday, our pivot and point of balance are set at 79.34, resistance is set at yesterday’s high of 80.77, and support is set at 78.35. Our key for the day is a settlement above or below…

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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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