Yes, we at FxWirePro have constantly been calling for bullish figures on WTI crude oil prices in our write ups on hedging and technical analysis sections. Subsequently, the optimal hedging vehicles have also been advocated to mitigate these upside risks of this energy commodity. We’ve advised call spreads to hedge $60 prices of WTI crude.

Please follow below weblink for more reading on the same:

http://www.econotimes.com/FxWirePro-WTI-implieds-likely-to-dip-after-OPEC-but-forwards-to-chase-1y-risk-reversals--Achieve-60-in-snails-pace-via-optimized-1x15-call-spreads-441219

http://www.econotimes.com/FxWirePro-WTI-implieds-likely-to-dip-after-OPEC-but-forwards-to-chase-1y-risk-reversals--Achieve-60-in-snails-pace-via-optimized-1x15-call-spreads-441219

http://www.econotimes.com/FxWirePro-WTI-edges-above-54-call-spread-targets-60-despite-implieds-likely-to-dip-after-OPEC-but-forwards-to-chase-1y-risk-reversals-466965

https://www.tradingview.com/chart/USOIL/8wSqSylL-More-bullish-potential-leftover-in-WTI-s-run-away-gap/

Yesterday, the Iraqi oil minister Jabbar al-Luaibi said that Iraq is on schedule in terms of meeting the objective of 200-210kb/d for the output cut from the beginning of January. He reiterated that Iraq is seeking to reduce the glut in the global oil market and is aiming for an oil price around USD60/bbl to be the result of this.

Kuwait oil minister, Essam Al-Marzouk, said yesterday that the committee tasked with monitoring the implementation of the deal will meet in Vienna on 21-22 January. A rebalancing of the oil market is likely to be easier said than done.

Today’s EIA’s inventory check should be closely watched after yesterday, API (American Petroleum Institute) said to have reported that US crude inventories rose 4.2mb. If this is confirmed in the official numbers from the EIA today, it means there is still an abundance of crude available in stocks.

It is noticeable that inventories are rising during the winter season, where there is normally a need to draw on them. The price on Brent crude is currently trading at around USD56/bbl.

WTI futures for February delivery on the NYME tacked 20 cents lower at $53.84 a barrel (while articulating).

Well, with our strong conviction we advise holding above option strategic recommendation on hedging grounds.