Crude Pressured Again as Trade War Escalates—Is it Time to Lock in Gains?

Energy Update

/ by Blue Line Futures

Crude Pressured Again as Trade War Escalates—Is it Time to Lock in Gains?


WTI Crude Oil Futures (May)

 

Friday’s Settlement: 61.99 down -4.96 [-7.41%] for the day, down -7.37 [-10.63%] for the week

Last week’s disastrous week in Crude was driven by the Trump tariff plan alongside the surprise decision out of OPEC+ to hike production. Our target after these catalysts has been the mid 50’s on the lower end.

Prices are getting to a point here near $60 where some level of profit taking is advised.

Today, futures are lower by -1.53 [-2.47%] to 60.46

There was no walk back or softening of tariff tones over the weekend. The administration seemed to be dead set on moving forward with this plan. There was news yesterday that over 50 countries had called the administration hoping to talk.

Last night’s open across all markets was a mess as markets gapped lower on risk-off moves across risk assets.

This morning the Trump team is pointing towards the Republican tax cuts that are currently in the works to try and bolster markets and does not seem to be considering walking anything back.

The hope is that the tariffs get delayed, giving countries a chance to negotiate and plan. But, as of now we’re seeing no signs of that happening.

China has made their position clear that they will stand their ground on a trade war and is ready for a fight.

Technical Analysis:

May futures made lows at 58.95 overnight but are trading off the lows back into the 60 handle.

While our target remains in the mid 50’s on the lower end, some level of profit taking is prudent here. We do not know what the news will bring and this situation points towards extreme volatility possible in both directions.

For intraday trading our pivot and point of balance is set at 61.22 with support 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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