Trading position (short-term; my opinion; levels for crude oil’s continuous futures contract): Those entering the market now can do so by holding long positions with entry at $63-63.5, with $59.7 as a stop-loss and $68.20 as the initial price target.

Dear readers,

Starting today, I’ll be providing you with key updates for crude oil. The Oil Trading Alerts will be published as usual on Mondays, Wednesdays, and Fridays, but on Tuesdays and Thursdays I'll provide you with a brief market update. As always, if you have any questions as to where the crude market is headed and why prices work the way they do, don’t hesitate to ask. It’ll be a pleasure to provide you with answers. You can use our contact form.

Oil Market: Key Updates

• Colonial pipeline cyberattack day 4 - Gas stations and airports in the US southeast are starting to run dry
• Since refiners are forced to scale back as the Colonial pipeline remains nonoperational, demand reduction for crude in US sent oil prices by 1.3%
• US average retail gasoline price reaches a high of $2.985 a gallon (highest in last 6 years)
• Biden Energy Chief Says U.S. ‘Utterly Vulnerable’ to Hackers'

Note: As of Tuesday (May 11), our trading positions remain the same. 

Thank you.

Nishant Jain, MBA, CPSM
Oil Trading Strategist