WTI Crude Oil Holds Gains Amid Ceasefire Uncertainty, Key Levels in Focus

Energy Update

/ by Blue Line Futures

WTI Crude Oil Holds Gains Amid Ceasefire Uncertainty, Key Levels in Focus

Bias shift to Neutral from Neutral / Bullish

WTI Crude Oil Futures (May)

Yesterday’s Settlement: 69.00 down -0.11 [-0.16%]

WTI Crude Oil futures finished the day relatively flat after posting a strong morning rally. The morning rally seemed to be a continuation of the risk-on move that started on Monday, driven by a softer tariff tone out of President Trump, macroeconomic green shoots in China, and the announcement of a tack-on tariffs to buyers of Venezuelan Crude.

The announcement of a partial ceasefire for Russia – Ukraine dashed the rally, driving crude off the highs to a low of 68.52.

Trump stated yesterday that “Big Business News” was coming today, it’s unclear what that is exactly, but traders should expect some type of announcement out of the White House today.

Today, futures are higher by +0.60 [+0.87%] to 69.60

The ceasefire, agreed to yesterday, is likely already off. Last night, immediately following the signing of the ceasefire, Russia launched a sizeable drone attack on the port city of Mykolaiv.

Russia’s violation of the ceasefire comes as no surprise, and any official ceasefire will be a bumpy, volatile road. Outright and blatant lying has been an important part of Russia’s foreign policy toolkit over the past 20 years, and traders should use caution when gauging the barrage of ceasefire headlines that are likely to come over the next week.

Technical Analysis:

We shifted our bias back to Neutral yesterday after catching the meat of this rally back up near the 70.00 target. While our fundamental bias still tilts bullish, the risk reward at this level is not as attractive as the mid to low 60’s.

Having said that, if we do consolidate into this new trading range between the…

 

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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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