Snapshot: WTI Crude futures are trading sideways after yesterday’s 2.7% rally, holding around $101.50, as the market awaits the 08:30 ET US Retail Sales data. Focus remains on the potential impact of demand as the market balances economic growth against lingering supply worries. Yesterday’s news flow saw China expressing willingness to buy more US crude.
- Watch for a break above $102, which would signal further upside in the short term, though moderately long positioning (69th percentile) creates squeeze risk.
- The 08:30 ET US Retail Sales data poses a downside risk; a weaker-than-expected print could weigh on prices.
Bias into NY: Sideways to slightly lower, with limited upside potential, given the data risk at 08:30 ET, and the rising real yields which act as a headwind. Support sits around $100.50.