WTI Crude Oil Futures (August Futures)

Yesterday’s Settlement: 67.93, up +0.93 [+1.39%]

Crude Oil rallied strongly, settling well above resistance yesterday despite the outsized OPEC+ hikes and the general risk-off move.

The coals of the Israel-Iran conflict remain hot, and there’s some talk that the conflict may reignite here with Netanyahu’s visit to Washington.

Physical markets remain tight in the medium term, and the US’s decision to ramp up weapons exports to Ukraine can be taken as a signal that sanctions on Russia will continue to tighten. Now that the slate is clean on bearish catalysts, it looks like Crude Oil has a clear runway to move higher.

Today, futures are lower by -0.13 [-0.19%] to 67.80

The macro environment is trading mixed, with the Dollar flat, precious metals flat to lower, and equities marginally lower. The President’s decision to keep 25% tariffs on Japan and South Korea will likely weigh on equities and global risk assets as we await trade deals to come to fruition.

Data Releases:

N/A

Technical Analysis:

WTI Crude Oil futures settled above our key resistance level of 67.06*** yesterday, a major win considering the bearish circumstances.

Consecutive settlements above 67.06*** would help build confidence in the bull case. The 65.00 low seen overnight may become a key, tradeable level here moving forward.

For intraday trading, our pivot and point of balance is set at….

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