Crude Holds Near Weekly Pivot as Geopolitical Risk Builds
WTI Crude Oil futures finished off a tough week unchanged. The start of the week gave us some hope, with CL holding the key 65.00 level following OPEC+ accelerated hikes. These hopes quickly faded after news broke that the White House was planning to meet with Russia's Putin to discuss a ceasefire without European or Ukrainian allies present.
The possibility of a truce was the main catalyzing factor for the week, gobbling up most of the headlines despite OPEC+'s forward plans still being in flux.
Today: 64.19 up +0.31 [+0.47%]
The macro environment is trading mixed into the US open with the Dollar showing outsized strength. Precious metals are trading weaker but the commodity complex is holding in there considering the move in the dollar.
Crude markets are trading higher as traders work to price in risk around the Trump-Putin meeting scheduled for Friday. The Friday meeting will likely loom over the crude markets for the entire week as a potential ceasefire weighs on risk sentiment.
Technical Analysis:
June 24th lows, our longer-term pivot and point of balance, held last week, and futures are higher this morning, but significant chart repair is needed. The risk of a ceasefire will weigh on markets throughout the week, limiting upside risk. While fundamentals continue to tilt bullish, we're more cautious on our bias at these levels as risk looks more two-sided.
For intraday trading, our pivot and point of balance are set at..
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