WTI Crude Holds Gains as Markets Eye Russian Tariff Confirmation

Energy Update

/ by Blue Line Futures

WTI Crude Holds Gains as Markets Eye Russian Tariff Confirmation

WTI Crude Oil Futures (May)

Yesterday’s Settlement: 71.48 up +2.12 [+3.06%]

WTI Crude Oil futures were up sharply yesterday on the news that President Trump may be considering secondary tariffs on countries that buy Russian oil. This catalyst caused us to flip our bias to Neutral / Bullish yesterday.

Today, futures are higher by +0.16 [+0.22%] to 71.64

The macro environment is trading risk off with treasuries markedly stronger and equities marginally weaker. The Dollar is mixed, showing strength against the Euro and Pound while weaker against the Yen. A continuation of Dollar strength into tariff day tomorrow may lead to some weakness in crude oil.

I have yet to see confirmation of the Russian secondary tariffs. If they do go into effect and are actually enforced, it is a considerably bullish catalyst.

Technical Analysis:

With yesterday’s move, we have adjusted our longer-term pivot and point of balance to the 68.78-69.09*** level. An additional two star resistance level was added at the overnight highs of 71.99**.

The news of Russia’s secondary tariffs ripped futures well through resistance yesterday and made a high near the key 72 psych level. Price moved through close to 4 key levels through yesterday’s session, something I have not seen for some time.

Volatility breeds volatility, and traders should be prepared for wider price swings after yesterday’s move. If the Russian secondary tariffs are enforced, there’s a chance front-month crude hits $80. If the story was leaked as a bargaining tactic or Trump refutes the story, there’s a chance crude goes back to $68.

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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