WTI Holds Key Support—But Relative Weakness Raises Flags

Energy Update

/ by Blue Line Futures

WTI Holds Key Support—But Relative Weakness Raises Flags

WTI Crude Oil Futures (July Future)

 

Friday’s Settlement: 61.53, up +0.33 [+0.54%] for the day, down -0.44 [-0.71%] for the week

 

WTI Crude Oil futures fell last week in a choppy trade. A risk-off tone gripped markets to end last week as positive momentum in trade talks stalled. Concerns over inflation and a slowdown in global economic activity resurged last week. Fears over OPEC+ July output hikes also drove selling in crude oil markets.

 

Today, Crude Oil is down -0.49 [-0.80%] to 60.40

 

Coming out of the long weekend, Donald Trump delayed the tariff initiation date to July 9th. This caused a sharp risk-on move with equities and treasuries rallying higher alongside a stronger US dollar. 

 

Crude had followed suit, but fell after OPEC+ set their July output meeting for Saturday. Futures are rallying back this morning after President Trump gave his approval for tighter sanctions on Russia. The president is frustrated with Putin after continued strikes on Kyiv over the weekend.   

 

Data Releases:  

 

N/A

 

Technical Analysis:

 

With the technical setup where it is, and OPEC+ scheduled for Saturday, we’re likely looking at a range-bound market. Risk looks skewed to the downside as we start the week.  

 

We are eying the 59.56-60.08*** level closely. If this breaks, a run back to the lows around our major, rare 54.33-54.95**** level becomes much more probable. The 59.56-60.08*** level held on Friday, and we’re nearing support at the 61.00-61.26** level this morning. 

 

With the macro-trade setting up as risk-on this morning, price action through the day will be important to watch. Crude is showing relative weakness compared to the rest of the macro space right now which is not great news for the bulls. 

 

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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