WTI Crude Oil Rallies on Tariff Shift, Eyes Key Resistance

Energy Update

/ by Blue Line Futures

WTI Crude Oil Rallies on Tariff Shift, Eyes Key Resistance

Bias shift to Neutral from Neutral / Bullish

WTI Crude Oil Futures (May)

Yesterday’s Settlement: 69.11 up +0.83 [+1.22%]

WTI Crude Oil rallied yesterday after the Trump administration signaled a softer tone on tariffs. The Administration stated that some countries may get breaks on the April 2nd tariff rollout, a departure from the previously staunch tone the group has held.

The quote drove a sharp risk on move in markets. Equities and bond yields moved sharply higher alongside a stronger dollar.

The announcement of a “secondary tariff” on any country that buys oil from Venezuela also helped accelerate crude oil’s move higher for the day.

Today, futures are higher by +0.40 [+0.58%] to 69.51

The macro environment is trading risk on with a bid under equities and a weaker dollar this morning. Yields are higher but coming off their overnight highs.

The threat of secondary tariffs and a potentially less harsh trade environment continue to drive futures higher. China purchases 40% of Venezuela’s oil exports, and the secondary tariffs may force those buyers back into the open market.

Technical Analysis:

We’ve shifted our bias back to Neutral. After catching the meat of this move back up to the 70.00 mark, we feel this is a decent zone to take profits and wait until more clear-cut risk/reward scenarios develop. Price may run back towards 71.00, but the risk/reward weighed against probabilities favor profit taking in this zone (in our opinion).

Price settled above our key three-star resistance level of 69.09*** and has made another move higher today. Technicals favor a run back at the 69.89-70.13*** level, at which point de-risking is advised.

For intraday trading, our pivot and balance point 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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