WTI Crude Oil Futures (February)

ALERT JAN CONTRACT EXPIRY DEC 19th. ROLL TO FEBRUARY ADVISED.  

Friday’s Settlement: 69.46, up +0.08 [+0.12%] for the day, down -1.36 [-1.92%] for the week  

A strong dollar and weak Chinese economic data drove crude oil lower last week. The Fed’s restrained FOMC release was the main driver of markets.

Today, futures are lower by -0.33 [-0.49%] to 69.12.

Happy Holiday Monday! This morning President Trump is tweeting about retaking the Panama Canal which adds to threats levied against Canada, Mexico, the European Union and China. The trade threats are being cited for the move lower this morning.   

Technical Analysis

As we noted Friday, our positioning through this holiday week will feature patience. Our key, three-star support level at 68.46-68.74 remains a solid long entry point from the long side. Our pivot and point of balance for the day is at 69.41, initial resistance for the day is set at the flat 70.00 level while intraday support is set at 68.42. 

A close above 70.04 would favor the bulls while a close below 69.73 may keep selling pressure intact. We remain patient and selective in our buy levels and favor the 68.46 price level.   

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