WTI Crude Oil Futures Rebound Amid Protests and Tight Markets

Energy Update

/ by BlueLineFutures

WTI Crude Oil Futures (March)

Yesterday’s Settlement: 73.17, down -1.49 [-2.00%]

Yesterday’s sell-off was largely tied to the macro risk-off move we saw. American equities sold off sharply, which dragged risk assets lower alongside it. The start of the Chinese New Year will also work to ease cash market pressures as the country goes on a complete Holiday until February 4th at the earliest. There are reports that many Chinese company’s are taking an extended New Year’s holiday this year.

Futures settled within our major three-star support level of 72.97-73.24*** after briefly trading below it intraday.

Today, futures are higher by +1.00 [+1.37%] to 74.17

Protests in Lebanon have shut off crude oil exports at two of the country’s main ports. The shutdown has taken 200-300k bpd of exports out of the market. Traders are weighing this bullish catalyst against the latest Trump headlines.

Trump is back in the headlines, threatening universal tariffs for all of our trade partners.

Technical Analysis:

WTI Crude Oil futures settled above our major three-star support level of 72.97-73.24***, setting up a solid speculative long position. Futures are back trading above this level and into no-man’s land this morning. We like positioning only at high-conviction levels within this environment as headline volatility is to be expected.

Intraday, our pivot and point of balance is set at 73.55 with intraday resistance at 74.50 and support at 72.97. A settlement above 73.24 would be ideal for the day while a settlement below 72.97*** would signal continued momentum to the downside.

Cash and physical markets remain tight while the futures market continues its consolidation.

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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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