Yesterday’s Settlement: 68.59, up +0.22 [+0.32%]

This morning’s headlines included cuts to OPEC’s forecasted demand, the announcement of possible further sanctions on Iran, and the U.S. CPI figure.

U.S. CPI accelerated in November but printed in-line with estimates with CPI at +0.313% MoM and Core CPI at +0.308%. 

Estimates for today’s EIA report are as follows [thousand bbls]:

• Crude: -1,100
• Gasoline: +1,200
• Distillates: +1,000
• Refinery Utilization: -0.10%
    

Yesterday’s price action featured a weak overnight session, making a low at 67.72 around the 5am mark. From there, price rallied strongly through the U.S. open to punch a daily high at 10:45am at the 69.06 level. The past three trading sessions have featured strong buying through the U.S. open which is a welcomed sign and a pattern shift from last week. Sharp selling was seen into yesterday’s settlement of 68.59 which should be noted. 

Today, WTI Crude Oil futures are higher by +0.80 [+1.17%] to 69.40. For intraday levels our pivot and point of balance is set at….

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