WTI Crude Oil Futures (June Future)

Yesterday’s Settlement: 59.24, up +1.03 [+1.77%] 

WTI Crude Oil futures ended the day higher after falling by as much as -1.82 [-3.12%] through the overnight session.

The +2.85 rally into settlement was fueled by a breakdown in US-Iran negotiations, which ended with President Trump threatening increased sanctions alongside a general risk-on trade in the macro environment.

The President announced that buyers of Iranian crude would face secondary sanctions after the nuclear talks broke down. 

Today, Crude Oil is down -0.30 [-0.51%] to 58.94 

Futures have bounced from overnight lows on comments out of Iran, who said today that US officials are clearly not serious with these nuclear talks. Full Iranian sanctions are likely. 

With Monday being the OPEC meeting, position squaring is likely throughout the day.

Technical Analysis:

The impressive comeback in crude yesterday led to a settlement above the key support zone of 58.29-59.00**. The overnight sell-off has retested this support pocket and a morning rally is likely with the Iran news.

We again advise caution if taking positions over the weekend and into the OPEC meeting Monday. Volatility can be violent into and after these OPEC meetings that are consequential.

For intraday trading our pivot and point of balance is…

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