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Crude Oil Brent Jul '24 (CBN24)

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Crude Oil Brent Futures Market News and Commentary

Crude Prices Recover Early Losses as the Dollar Weakens

June WTI crude oil (CLM24) on Thursday closed up +0.76 (+0.92%), and May RBOB gasoline (RBK24) closed up +2.46 (+0.91%).

Crude and gasoline prices recovered from early losses on Thursday and closed moderately higher.  Short covering emerged in crude on Thursday when the dollar index fell to a 1-1/2 week low.  Crude also has carryover support from Wednesday's weekly report from the EIA, which showed that crude inventories unexpectedly declined.  Crude prices on Thursday initially moved lower due to energy demand concerns after the US Q1 GDP growth was weaker than expected.  

Thursday's US economic news was mixed for energy demand and crude prices.  On the negative side, US Q1 GDP was revised downward to 1.6% (q/q annualized) from 3.4%, weaker than expectations of 2.5%, as Q1 personal consumption was revised lower to 2.5% from 3.3%, weaker than expectations of 3.0%.  Conversely, US weekly initial unemployment claims unexpectedly fell -5,000 to a 2-month low of 207,000, sho... Read more

Contract Specifications

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Contract
Brent Crude Oil
Contract Size
42,000 U.S. Gallons
Tick Size
1 cent per barrel ($10.00 per contract)
Trading Hours
8:00p.m. - 6:00p.m. (EST)
Exchange
ICE/EU
Point Value
$1,000
Margin/Maintenance
$6,765/6,150
First Notice Date
05/31/24 (35 days)
Expiration Date
05/31/24 (35 days)

Seasonal Chart

Crude Oil Brent Jul '24
Average Price Chart for 5 Prior Jul Contracts
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Price Performance

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Period Period Low Period High Performance
1-Month
83.92 +5.10%
on 03/27/24
91.18 -3.27%
on 04/12/24
+3.29 (+3.87%)
since 03/26/24
3-Month
75.91 +16.19%
on 02/05/24
91.18 -3.27%
on 04/12/24
+6.49 (+7.94%)
since 01/26/24
52-Week
69.45 +27.00%
on 06/12/23
91.18 -3.27%
on 04/12/24
+14.12 (+19.06%)
since 04/26/23

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Crude Prices Recover Early Losses as the Dollar Weakens

June WTI crude oil (CLM24 ) on Thursday closed up +0.76 (+0.92%), and May RBOB gasoline (RBK24 ) closed up +2.46 (+0.91%). Crude and gasoline prices recovered from early losses on Thursday and closed moderately...

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Energy Demand Concerns Weigh on Crude Prices

June WTI crude oil (CLM24 ) this morning is down -0.50 (-0.59%), and May RBOB gasoline (RBK24 ) is down -1.79 (-0.66%). Crude and gasoline prices this morning are moderately lower on energy demand concerns...

CLM24 : 83.49 (-0.10%)
RBM24 : 2.7289 (-0.16%)

Barchart Trading Guide

The Barchart Trading Guide is a Sell Signal with a Average Signal Strength.

Key Turning Points

3rd Resistance Point 90.31
2nd Resistance Point 89.18
1st Resistance Point 88.48
Last Price 87.70
1st Support Level 86.65
2nd Support Level 85.52
3rd Support Level 84.82

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52-Week High 91.18
Last Price 87.70
Fibonacci 61.8% 82.88
Fibonacci 50% 80.32
Fibonacci 38.2% 77.75
52-Week Low 69.45

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