WTI Crude Edges Higher on OPEC+ Optimism and Ceasefire Uncertainty
WTI Crude Oil Futures (January)
Wednesday’s Settlement: 68.72, down -0.05 [-0.07%]
WTI Crude Oil futures finished Wednesday’s session marginally lower after starting the session strong. Brent Crude Oil futures were not closed for yesterday’s holiday and traded higher by +0.45 as traders turned their attention to Sunday’s OPEC meeting.
Today, WTI futures are higher b y +0.44 to 69.16 on a similar trade as the prospect of delayed OPEC production hikes adds to bullish momentum. There are reports that Israel has already violated the terms of the Lebanese ceasefire. Officially, there has been no word that either group is looking to end the ceasefire.
Our key 3-star support level ending at 68.75 held once again last night as futures traded higher on improved fundamental prospects. Our pivot and point of balance has been lowered slightly to 68.90 for the day. Upside risk premia will likely be built into the contract as we head into a weekend complete with an OPEC meeting and ceasefire uncertainty. Within the current fundamental framework, risk remains skewed to the upside at these price levels.
Want to stay informed about energy markets?
Subscribe to our daily Energy Update for essential insights into Crude Oil and more. Get expert technical analysis, proprietary trading levels, and actionable market biases delivered straight to your inbox. Sign up now for free futures market research from Blue Line Futures!
Sign Up for Free Futures Market Research – Blue Line Futures
Futures trading involves 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 identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500
Performance Disclaimer
Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.
One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.
On the date of publication, Bill Baruch did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.