On a year to date performance, the energy sector continues to dominate four of the top five spots with gasoline up 56%, WTI up 42%, Brent up 33% and Heating oil up 24%. The main fundamental highlights have been increasing demand as we approach the summer driving season while OPEC has maintained its cuts. Although U.S. oil production has continued to outperform pressing through 12 million barrels per day this has barely impacted the price of crude oil. So, the key levels you want to watch are $65 on the upside where an extension to $70 could be possible. Where yesterday’s low (April 11th) at $63.31 should act as critical support and any violation of this number on a closing basis could led to a washout down to the 200 DMA at $60.74.

Crude Oil May ’19 Daily Chart

Crude Oil May '19 Daily Chart

Phillip Streible

Early in his career Phillip began trading his own account as a screen trader focusing on the metals, grains and stock indices. He then became a Series 7 licensed financial consultant with A.G. Edwards. Later, he expanded his trading experience into a Series 3 licensed commodity broker with Investment Analysis Group. Most recently he was a senior market strategist at MF Global before joining RJO Futures in October 2011 as a senior commodities broker. As a senior commodities broker his goal is to show clients how to anticipate, recognize and react to bull and bear market conditions through the use of technical analysis techniques that help them to define risk.