WTI Breaks Out Above Key Level—All Eyes on EIA and Trade Flow

Energy Update

/ by Blue Line Futures

WTI Breaks Out Above Key Level—All Eyes on EIA and Trade Flow

WTI Crude Oil Futures (July Future)

 

Yesterday’s Settlement: 64.98, down -0.31 [-0.47%]

 

Yesterday, WTI Crude Oil futures settled marginally lower after a sharp morning rally. Technical selling and position squaring ahead of today’s CPI report was likely the culprit. Negative headlines surrounding OPEC+ supply continue to run while futures continue to march higher.

 

Today, WTI Crude Oil is higher by +1.27 [+1.95%] to 66.25

 

Today’s CPI report was weaker than expected, spurring a sharp rally in treasury futures but weakness in the Dollar. Crude oil and equities are trading higher, while Gold is surging. The May CPI report was seen as important because traders were expecting to see the first real sign of tariffs on consumer prices.

 

Flows at the start of the US session will be important to watch as investors pare the weaker CPI print against the positive momentum in US – China trade talks.

 

Data Releases:

 

Estimates for today’s EIA report are as follows [thousand bbls]:

Crude: -2,600
Gasoline: +753
Distillates: +700
Refinery Utilization: +0.00%
Last night’s API report was as follows [thousand bbls]:

Crude: -370
Gasoline: +2,969
Distillates: +3,712

Technical Analysis:

 

Futures are trading above our key resistance zone of 65.41-65.92*** this morning. Momentum continues to favor the bulls, but the US open will be telling.

 

Crude is showing strength in the face of continuously bearish fundamental rhetoric (OPEC+ supply hikes). Despite this, momentum has been clearly in favor of the bulls, and hopefully, good news out of London can add some fuel to that fire.

 

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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