Trading position (short-term; my opinion; levels for crude oil’s continuous futures contract): Hold long positions with entry at $59-61 with $51.50 as a stop-loss and $68.10 as the initial price target.

Please note: the markets are closed tomorrow (Good Friday), so there is no regular Oil Trading Alert scheduled for this day. The next detailed updated will be released on Monday (Apr. 5).

For today I’m just adding the following brief note, explaining the current situation:

Today's OPEC+ meeting outcome is going to be the key theme for the next week. There is still a supply demand deficit of 2 million bpd on the market, hence our long position still holds. Nevertheless, it is time to re-examine the oil demand projections for the coming months. During the same time last year, economies were forced to a grinding halt. If something to that effect happens, even partially, in the coming months, there can be strong bearish implications and we will assess the situation and make changes to the trading positions accordingly.

As always, we’ll keep you, our subscribers well informed.

Thank you.

Nishant Jain, MBA, CPSM
Oil Trading Strategist