WTI Crude Oil Futures (July Future)

Yesterday’s Settlement: 62.52, up +1.73 [+2.85%]

WTI Crude Oil futures rallied yesterday despite OPEC+’s decision to hike +411k bpd over the weekend. Geopolitical risk largely outweighed supply hikes as Ukraine’s strike deep within Russian territory cleared any possibility of an immediate ceasefire. An outsized Russian response and increased Russian oil sanctions are likely.

Today, WTI Crude Oil is higher by +0.90 [+1.44%] to 63.42

Futures are rallying again this morning as geopolitical tensions and restrictions on Russian barrels continue to be priced into markets. Technically, futures are up at resistance, and we’re looking for a choppy session today.

Data Releases:

N/A

Technical Analysis:

We’d like to position on the bull side, but are being patient on a buy spot for crude. We’d like prices to retrace back towards the 61.26-61.00*** level before initiating longs.

Technically, the chart is still rangebound until a breakout confirms. We’re looking for a breakout above our longer-term pivot-pocket

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