WTI Crude Oil futures rallied yesterday as the reality of how far off peace with Russia really is starts to set in. Hamas signaled openness to accepting a peace agreement identical to the one US envoy Steve Witkoff proposed earlier this year.

The EIA report was pretty bullish yesterday, with crude draws around -6mil bbls. Despite warnings from airlines on weak demand, Jet fuel demand continued to run above it’s seasonal norms.

Tariff policies, peace agreements, and headlines will continue to drive this market, but the fundamentals are coming back to the forefront.

Technical Analysis:

WTI Crude Oil futures got out above last weeks high on the overnight session but have since fallen back into the new trading range of 63.27-61.28 that we have been establishing.

A settlement above 63.27*** would be a win for bullish momentum.

Coming into this week, speculators held a near record short position in WTI futures. This has created a positive drift this week as short covering has occurred.

If we get a settlement above 63.27***, further short covering may be initiated, and a breakout of the current trading range will look more probable. From there, we’ll likely run back to the…

If you want to see the charts to this article: Crude Oil Futures Supported by Draws and Short Covering - Blue Line Futures

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