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Crude Oil WTI May '20 (CLK20)

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Crude Oil WTI Futures Market News and Commentary

Crude Prices Remain Weak on Increased Supply and Demand Plunge

May WTI crude oil (CLK20) this morning is down -0.07 (-0.34%), Jun Brent crude oil (CBM20) is down -1.53 (-5.81%), and May RBOB gasoline (RBK20) is down -0.0466 (-7.86%).

The energy complex is weaker this morning on a stronger dollar, an increase in OPEC crude production, the plunge in demand, and a bearish EIA inventory report. Losses were limited by news that Russia does not want to boost its crude oil production in the current environment of oversupply and weak prices.

A negative for crude is an increase OPEC crude output after OPEC Mar crude production rose by +150,000 bpd to 28.06 million bpd, the first increase in 6 months.

Negative comments Tuesday night from Cleveland Fed President Mester weighed on crude prices when she said she expects to see some "very bad" numbers on the economy with U.S. unemployment rising north of 10% due to the coronavirus.

The coronavirus continues to spread at a pace that is forcing massive shutdowns of economic activity... Read more

Contract Specifications

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Contract
Crude Oil West Texas Intermediate
Contract Size
1,000 U.S. barrels (42,000 gallons)
Tick Size
1 cent per barrel ($10.00 per contract)
Trading Hours
5:00p.m. - 4:00p.m. (Sun-Fri) (RTH 8:00a.m. - 1:30p.m.) (Settles 1:30p.m.) CST
Exchange
NYMEX
Point Value
$1,000
Margin/Maintenance
$6,490/5,600
First Notice Date
04/23/20 (22 days)
Expiration Date
04/21/20 (20 days)

Seasonal Chart

Crude Oil WTI May '20
Average Price Chart for 5 Prior May Contracts

Commitment of Traders Positions as of Mar 24, 2020

View Chart Details
Commercials - Long / Short
804,091 (-18,980)
1,270,984 (-8,685)
Non-Commercials - Long / Short
578,366 (+5,547)
142,353 (+9,771)
Producers - Long / Short
489,761 (-34,366)
451,886 (-41,022)
Swap Dealers - Long / Short
123,658 (+4,708)
628,426 (+21,659)
Managed Money - Long / Short
243,563 (+10,403)
78,503 (+3,510)
Other Reportables - Long / Short
334,803 (-4,856)
63,850 (+6,261)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
19.27 +5.40%
on 03/30/20
48.82 -58.40%
on 03/03/20
-24.63 (-54.81%)
since 02/28/20
3-Month
19.27 +5.40%
on 03/30/20
64.39 -68.46%
on 01/08/20
-39.66 (-66.13%)
since 12/31/19
52-Week
19.27 +5.40%
on 03/30/20
64.39 -68.46%
on 01/08/20
-39.60 (-66.10%)
since 04/01/19

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 96% Sell with a Average short term outlook on maintaining the current direction.

Long term indicators fully support a continuation of the trend.

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

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Key Turning Points

2nd Resistance Point 22.67
1st Resistance Point 21.58
Last Price 20.25
1st Support Level 19.70
2nd Support Level 18.91

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52-Week High 64.39
Fibonacci 61.8% 47.15
Fibonacci 50% 41.83
Fibonacci 38.2% 36.51
Last Price 20.25
52-Week Low 19.27

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InsideFutures Commentary

InsideFutures is a twice weekly newsletter that features a selection of the latest and best commodities commentary appearing on Barchart.com. Delivered every Wednesday and Friday morning to your inbox.

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