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WTI Crude Oil Supported by OPEC+ Output Delay & Strong Inventory DataWTI Crude Oil futures found support yesterday after reports surfaced that OPEC+ is contemplating output hike delays. Eight of the group’s members are scheduled to start unwinding covid era voluntary production cuts starting in December. The unwind would add 180k bpd of supply in December, around 1mln bpd by May, and 2.5mln bpd by the end of 2025. The output hikes were originally scheduled to start in October but were delayed to account for global economic weakness, mainly out of China. Yesterday’s EIA data also provided fodder for the bulls as counter-seasonal draws signaled physical market strength. Inventory data as follows [thousand bbls]: Crude Oil: -515 vs +1,805 estimate
Talks of an Israel – Lebanese ceasefire may provide ammo for the bears and headline risk should be noted. WTI Crude Oil futures are trading above the 69.00 gap-down level from Sunday night. This level should be closely watched as the chart looks to fill that gap. We advise patience at these levels as price is trading between key support and resistance levels while fundamental catalysts remain inherently binary and could shift momentum in either direction at moments notice… 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. 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. |
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