Yesterday's Close: Settled at 70.77, down -0.97 [-1.35%]

WTI Crude Oil futures fell nearly $1 yesterday after failing at short-term resistance. Yesterday's EIA report was also surprisingly bearish, as crude oil builds came in far larger than expected while product draws disappointed. The results of the report are as follows [thousand bbls]:

• Crude Oil: +5,474 vs +1,000 estimate
• Gasoline: +878 vs -1,900 estimate
• Distillates: -1,140 vs -2,005 estimate

Today, crude is higher by +0.43 [+0.62%] to 71.23 on a general risk on global trade. This morning, the U.S. dollar is showing weakness for the first time in weeks. The geopolitical situation surrounding Israel remains the focal point of headlines and rumors.

WTI Crude Oil futures surged overnight, clearing the 71.81 mark and hitting a high of 72.34; we have adjusted major three-star resistance to this pocket. This called for moving our Pivot and point of balance to 71.20-71.57 to align with our momentum indicator. We will again look for a higher floor at...

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