WTI Crude Oil Futures Rebound Amid Mixed Market Sentiment

Energy Update

/ by Blue Line Futures

WTI Crude Oil Futures Rebound Amid Mixed Market Sentiment

WTI Crude Oil Futures (April)

 

Yesterday’s Settlement: 66.03, down -1.01 [-1.51%]

Please note we have shifted back to Neutral from Neutral / Tactically bullish. We will remain neutral for the next two days as the U.S. meets with Ukraine in Saudi Arabia to discuss a ceasefire.

WTI Crude Oil futures fell yesterday, dragged lower by a U.S. centric risk-off trade. U.S. equity markets posted their worst day since 2022 as tariff fears and macroeconomic uncertainty continued to grip markets.

 

Bonds were strong while the dollar closed flat to positive. The Dollar’s precipitive slide has come in tandem with the risk-off move in equities as European bond yields now offer more attractive yields and the ECB nears the end of their easing cycle.

In the U.K. a cargo tanker struck an oil tanker, generating headlines but likely doing little to alter the fundamental landscape for Crude.

Today, April Futures are higher by +0.76 [+1.15%] to 66.79

The macro environment is trading mixed to risk-on this morning. Last night, equity futures continued their sharp sell-off but rebounded later in the night to start the morning unchanged. The Dollar is significantly weaker once again this morning, especially against the Euro while bond yields are flat / higher.

The rebound in global equity markets is helping to buoy some strength in crude oil this morning alongside Russian headlines. Western Officials stated that they know Russia’s demand will not be met for an end to the Ukrainian war while Ukraine launched their largest drone strike yet. Russian refinery data this morning also showed that throughput still remains under pressure from Ukrainian drone strikes, averaging 5.14mln bpd for the first five days of March. Ukraine also claims to have attacked two more Rosneft refineries yesterday.

U.S. and Ukrainian officials are meeting in Saudi Arabia today to discuss an initial ceasefire with Russia and attempt to repair the disastrous Zelenskiy Oval Office visit. The Trump administration has frozen military aid – giving Russia the upper hand in the war for now.

 

Markets are looking forward to tomorrow’s CPI report, where inflation is expected at +0.3% MoM, slowing from +0.5% MoM last month. The CPI figure will be a tight rope, as markets need to see some life in the U.S. economy but don’t want a number hot enough to force the Fed into a corner.

Technical Analysis:

After failing to close above our longer-term pivot-pocket Friday, futures were sold yesterday, settling right at our key three-star support level of 65.99-65.41***. Ranges are becoming more tradeable as the markets become immune to Trump Administration headlines at these low levels, at least for now.

Today / tomorrow could feature amplified Russian – Ukraine ceasefire headlines with the meetings scheduled in Saudi Arabia. With this headline risk laying around, we’ve shifted back to neutral from neutral / tactically bullish in an effort to avoid the headline risk and any kneejerk sell-offs.

For intraday trading, our pivot and point of balance 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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