WTI Crude Oil Futures: Neutral/Bullish Shift on Potential Russian Tariffs

Energy Update

/ by Blue Line Futures

WTI Crude Oil Futures: Neutral/Bullish Shift on Potential Russian Tariffs

***Bias shift to Neutral / Bullish from Neutral

WTI Crude Oil Futures (May) 

Friday’s Settlement: 69.36 down -0.56 [-0.80%], up +1.08 [+1.58%] for the week 

WTI Crude Oil futures ended lower on Friday as a general risk-off tone dominated U.S. trading hours. Crude Oil futures were caught in the wash as markets tightened up in fears of the April 2nd tariff deadline.

For the week, futures closed higher again on tighter inventories and the falling through of a Russian Ukraine ceasefire. The re-escalation of conflict in the Middle East also helped to support futures on last weeks run higher. 

Today, futures are higher, up +0.39 [+0.56%] to 69.75 

President Donald Trump is reportedly “Angry” with Vladimir Putin, and is threatening secondary tariffs on any country that buys Russian crude oil. If this is a legitimate threat by President Trump, it’s quite bullish for crude oil markets. 

Markets are also weighing a headline story from the Wall Street Journal stating that the Trump administration is considering increasing tariffs by close to 20%. The story is being taken as a sign that the administration is still unsure of its tariff plan and that a harsher push is possible.     

Technical Analysis:

Futures made a high of 70.14 last night around 3 am CST, right at the top end of our three-star resistance level. While the trading range we’ve anticipated has held, between 68.78***-70.13***, the lower and upper band of two of our three-star ranges, the bullish catalyst of Russian oil secondary tariffs may push futures to a new leg higher.

The introduction of the Russian secondary tariffs may be the bullish catalyst this market needs to push futures above the 70.13*** level. This would set the chart up to make another run higher towards the 70.98*** resistance level.

We’re shifting to Neutral / Bullish on the Russian secondary tariff news. If this news is nullified or proven false, we will remain neutral. We are looking to be buyers within the 68.78-69.09*** level. 

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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