WTI Crude Oil Futures Slip After Rally as Macro Uncertainty Weighs on Sentiment

Energy Update

/ by Blue Line Futures

WTI Crude Oil Futures Slip After Rally as Macro Uncertainty Weighs on Sentiment

WTI Crude Oil Futures (April) 

 

Yesterday’s Settlement: 70.35, up +1.73 [+2.52%]

WTI Crude Oil futures posted their best rally in six weeks yesterday after President Trump vowed to move ahead with tariffs on Canada and Mexico. On Wednesday, the president commented that the tariffs would be delayed until April, leading some to believe that his threats were mainly a bargaining tactic as opposed to a real threat. That was reversed yesterday morning.

 

The tariff comments put a bid under Crude futures while causing an equity market meltdown. The sell-off in equity markets dragged economic and risk sentiment down with it as traders prepared for today’s key PCE data. 

 

Today, futures are lower by -0.90 [-1.28%] to 69.45

 

PCE figures printed in-line with estimates which has fueled some risk-on sentiment as we head into the U.S. open. 

 

Chinese data showed that their oil consumption contracted last year, raising concerns that the world’s largest importer has reached peak demand. Trump’s comments regarding ending the Ukraine – Russia war are also fueling some sellers.

 

The macro environment is trading risk-on after the PCE figure. The dollar is marginally higher but is trending lower on the day, interest rates are moving lower and equity markets are moving higher.    

 

Technical Analysis:

 

Yesterday, we highlighted the 70.03-70.35*** zone, which we’ve been using as a longer-term pivot and point of balance for the market. A settlement above or below this level would help stifle the bearish momentum in crude oil futures. Yesterday’s settlement of 70.35 was right on the nose, and we thought this would help stifle some bearish sentiment. 

 

Today, futures are sharply lower. The prospect of the war ending in Ukraine and fears of a further slowdown in China have outweighed bullish prospects. Momentum still favors the bears and we expect choppy markets to continue.    

 

For intraday trading, our pivot and point of resistance is set 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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