Crude Pulls Back After Big Week—Eyes on 63.81 for Momentum Rebound

Energy Update

/ by Blue Line Futures

Crude Pulls Back After Big Week—Eyes on 63.81 for Momentum Rebound

**Analysis and levels rolled to June Future

WTI Crude Oil Futures (June Future)

Thursday’s Settlement: 64.01, up +2.18 [+3.53%] for the day, up +3.11 [+5.10%] for the week

WTI Crude Oil futures finished strong on Thursday on OPEC+ compensation cuts, Iran threats, and Dollar weakness.

The Iran negotiations appear to be breaking down with the US set to apply “maximum” pressure on the countries oil exports. This should be a bullish catalyst moving forward.

The OPEC compensation cuts are the primary fundamental mover. While these compensation cuts are known to be somewhat flimsy, with countries not always abiding by them, our view is that Iraq and Kazakhstan will abide.

We shifted our bias to Neutral / Bullish on Thursday morning alongside the news of these compensation cuts.

Today, Crude Oil is up -1.58 [-2.47%] to 62.43

Markets were looking for good news over the weekend and received none, leading to a risk-off bleed on the Sunday open into Monday morning. The Dollar is once again trading weaker, and the risk-off move is dragging crude with it.

This continues to be a headline-driven market, and we need trade deals and good news to shift sentiment back into risk-taking mode.

Shifting risk-sentiment more positive will be a difficult task as long as these tariffs overhang global markets.

China has vowed to retaliate against countries that work with the US to isolate Beijing. This could amplify the trade war and drag risk assets lower this morning.

Technical Analysis:

Light volume through the overnight session has dragged crude lower on this risk-off move. Based on crude fundamentals, we are looking for a bounceback from the overnight session, but the news out of Beijing could weigh on that trade.

Again, traders should be prepared for amplified volatility and sharp moves driven by headlines.

We’d like to see another settlement above 63.81** and a consolidation above this level before prices take a run at the key four-star level of 64.62-65.27****. Until we consolidate above 63.81**, momentum will remain in the bears’ favor.

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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