WTI Retreats as Markets Digest Mixed Signals from Iran, China, and Russia

Energy Update

/ by Blue Line Futures

WTI Retreats as Markets Digest Mixed Signals from Iran, China, and Russia

WTI Crude Oil Futures (June Future)

Yesterday’s Settlement: 62.79, up +0.52 [+0.84%]   

WTI Crude Oil futures rallied on trade talk optimism, strength in the physical oil markets, and Russia – Ukraine tensions. A report that Iran was seeking an intermediate deal with the US was a bearish factor that briefly pushed crude prices negative. 

President Trump stated that the US and China had engaged in trade talks in the morning, which was surprise news for the markets. China had denied being engaged in trade talks overnight so the news came as quite a surprise for markets.

Geopolitical tensions also helped buoy futures as Russia struck the capital of Kyiv, killing multiple citizens. This came at a time when ceasefire talks are supposed to be moving ahead.

Yesterday’s EIA report also showed a sharp rise in gasoline and product demand which continues to be resilient. 

There was a report early that stated Iran was looking to make an intermediate deal with the US prior to the final nuclear deal in order to free up oil exports. This briefly drove futures into the red in the early morning.  

Today, Crude Oil is down -0.87 [-1.39%] to 61.92 

WTI Crude oil futures are trading lower this morning in a general risk-off trade. The risk-off move this morning is a bit different than what we’ve been seeing lately as bonds and the dollar are trading higher.

On the bullish front, China is reportedly considering tariff exemption for several US products including petrochemical feedstocks and LPG. This is a good sign for US oil markets.      

Technical Analysis:

WTI Crude Oil futures are trading into our support zone around 61.83** this morning. Ideally, price would hold this level and consolidate around here before taking the next bullish leg higher. 

Again, we remain neutral until we get an idea of how Iran and OPEC will react to Kazakhstan’s failure to cut production. Until then, we are sitting on our hands as the risk skews wide in both directions. 

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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