WTI Crude Holds Neutral Bias Amid Volatile Backdrop

Energy Update

/ by Blue Line Futures

WTI Crude Holds Neutral Bias Amid Volatile Backdrop

WTI Crude Oil Futures (June Future)

 

Friday’s Settlement: 63.02, up +0.23 [+0.37%] for the day, down -0.99 [-1.57%] for the week

 

Last week WTI Crude Oil fell on OPEC+ supply concerns and anxiety over global growth as progress regarding trade deals has stalled.

 

Kazakhstan responded negatively to OPEC+ compensatory cuts, saying they would like to work with the group, but would put their country first and maintain production levels. OPEC+ has yet to give an official word on how they will deal with Kazakhstan’s overproduction.

 

Until we get further clues on how OPEC will deal with this situation, we remain neutral.

Today, Crude Oil is down -0.07 [-0.11%] to 62.95

 

Oil is trading weaker this morning after popping in the overnight sessions as traders digested news of port explosions in Iran over the weekend. Concerns over the ongoing trade war are dragging futures lower.

 

This week, BP, Shell, Chevron, and Exxon will release earnings alongside a slew of important macroeconomic data. We also expect to hear some more information from OPEC on how they’ll deal with Kazakhstan.

 

Ukraine has announced a request for a full 30 day ceasefire this morning which is starting to move futures markets.

 

Technical Analysis:

 

Futures failed at our longer-term pivot zone of 63.53-63.81**. We expect ssupport around 61.05** to hold and for the chart to continue to consolidate as long a major headlines don’t lurch the markets up or down into new trading zones.

 

We remain neutral until we get a better idea of how OPEC will respond. Volatility will likely stay elevated as headline risk can move this market significantly 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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