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Crude Oil Brent Jun '19 (CBM19)

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Crude Oil Brent Futures Market News and Commentary

Crude Oil Surges to a 5-3/4 Month High After the U.S. Ends Iran Waivers

Jun WTI crude oil (CLM19) on Monday closed up by +1.48 (+2.31%) and Jun Brent crude oil (CBM19) closed up by +2.07 (+2.88%). Jun RBOB gasoline (RBK19) closed up by +0.0440 (+2.16%). The energy complex rallied sharply Monday with Jun WTI crude and June Brent crude at 5-3/4 month highs and Jun RBOB gasoline at a 6-1/2 month high. Energy prices surged Monday the announcement by the Trump administration that U.S. will not renew waivers that let countries buy Iranian oil without facing U.S. sanctions. The current set of waivers that were issued to China, Greece, India, Italy, Japan, South Korea, Taiwan and Turkey expire on May 2 and the U.S. wants to completely shut down Iranian crude exports. In response to the U.S. action to stop Iranian crude exports, Iran on Monday threatened to close the Strait of Hormuz, a 96-mile long body of water that connects the Persian Gulf to the Indian Ocean and carries 20% of the world's crude exports, if it is unable to export crude oil. A weaker dollar on Monday also boosted the energy complex as well as an increase in the crack spread to a 10-1/4 month high. The increase in the crack spread encourages refiners to boost their crude purchases to refine more gasoline. Also, last Friday's weekly data from Baker Hughes showed that the number of active U.S. oil rigs fell by -8 rigs to 825 rigs in the week ended April 19. Last Wednesday's EIA data showed that U.S. crude inventories as of Apr 12 were -0.1% below the 5-year average, gasoline supplies were -1.0% below the 5-year average, and distillate stockpiles were -5.8% below the 5-year average. U.S. crude production in the week ended Apr 12 was down -0.8% w/w at 12.1 million bpd, just below the recent record high of 12.2 million bpd.

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
$3,300/3,000
First Notice Date
05/16/19 (24 days)
Expiration Date
04/30/19 (8 days)

Seasonal Chart

Crude Oil Brent Jun '19
Average Price Chart for 5 Prior Jun Contracts
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Price Performance

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Period Period Low Period High Performance
1-Month
65.93 +12.89%
on 03/28/19
74.52 -0.12%
on 04/22/19
+7.68 (+11.51%)
since 03/22/19
3-Month
59.62 +24.84%
on 01/28/19
74.52 -0.12%
on 04/22/19
+13.13 (+21.42%)
since 01/23/19
52-Week
51.09 +45.68%
on 12/26/18
84.55 -11.97%
on 10/03/18
+5.92 (+8.64%)
since 04/23/18

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Most Recent Stories

More News
Crude Oil Surges to a 5-3/4 Month High After the U.S. Ends Iran Waivers

Jun WTI crude oil (CLM19) on Monday closed up by +1.48 (+2.31%) and Jun Brent crude oil (CBM19) closed up by +2.07 (+2.88%). Jun RBOB gasoline (RBK19) closed up by +0.0440 (+2.16%). The energy complex...

Natural Gas Prices Settle Higher on the Outlook for Warm U.S. Weather

May Nymex natural gas (NGK19) on Monday closed up by +0.034 (+1.37%). May nat-gas prices moved higher Monday on the outlook for warmer U.S. temperatures that may boost nat-gas demand for air conditioning....

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Natural Gas Prices Move Higher on the Outlook for Cooler U.S. Weather

May Nymex natural gas (NGK19) this morning is up by +0.029 (+1.16%). May nat-gas prices are moving higher today after NOAA said the chances of cooler-than-normal weather across the northern U.S. increased...

Crude Oil Surges on Reports the U.S. Will End Waivers to let Countries Buy Iranian Crude

Jun WTI crude oil (CLM19) this morning is up by +1.56 (+2.43%) and Jun Brent crude oil (CBM19) is up by +1.81 (+2.51%). Jun RBOB gasoline (RBK19) is up by +0.0440 (+2.16%). The energy complex is sharply...

Zero Hour. The Energy Report 04/22/19

Zero hour is approaching the global oil market. Petroleum prices spiked on a report that the Trump administrations will not grant waiver extensions, in an [...]

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Eco News Boosts Markets

Last Thursday the economic news reported drove the markets higher. Will we see the same today? Read on to learn more...

Natural Gas Prices Settle at a 2-3/4 Year Low on Increased Supply

May Nymex natural gas (NGK19) on Thursday closed down by -0.027 (-1.07%). May nat-gas prices have trended lower this week and posted a new 2-3/4 year nearest-futures low Thursday on a bigger-than-expected...

Crude Oil Settles Higher on Stronger-than-Expected U.S. Economic Data

May WTI crude oil (CLK19) on Thursday closed up by +0.24 (+0.38%) and Jun Brent crude oil (CBM19) closed up by +0.35 (+0.49%). May RBOB gasoline (RBK19) closed up by +0.0304 (+1.49%). The energy complex...

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 100% Buy and ranks in the Top 1% of all short term signal directions.

Longer term, the trend strength is Maximum. Long term indicators fully support a continuation of the trend.

The market is in highly overbought territory. Beware of a trend reversal.

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Key Turning Points

2nd Resistance Point 76.13
1st Resistance Point 75.09
Last Price 74.43
1st Support Level 72.43
2nd Support Level 70.81

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52-Week High 84.55
Last Price 74.43
Fibonacci 61.8% 71.77
Fibonacci 50% 67.82
Fibonacci 38.2% 63.87
52-Week Low 51.09

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