WTI Crude Oil Futures (August Futures)

Yesterday’s Settlement: 65.11, down -0.41 [-0.63%]

WTI Crude Oil futures declined yesterday amid muted trading and news. Markets continue to prepare for the OPEC+ meeting on the 7th.

Taking the bull side on crude this week may be like pushing a sled uphill in the mud. With the OPEC+ meeting on the 7th, reporters will likely be writing about “outsized” hikes all week.

Today, futures are higher by +0.65 [+1.00%] to 65.76

This morning, we get S&P Manufacturing PMIs and ISM Manufacturing data. The macro environment is trading risk off with equities lower and treasuries higher. Precious metals and crude oil are trading higher on the day.

Expect more speculation about the OPEC meeting and the finalization of the tax bill this afternoon.

Data Releases:

N/A

Technical Analysis:

Crude oil is still trading within a tight range. The OPEC+ meeting will likely jar loose some volatility.

Futures remain above our longer-term pivot pocket, and 64.23*** represents a solid buying opportunity in our view.

For intraday trading, our pivot and point of balance remains at…

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