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Crude Oil WTI Jan '24 (CLF24)

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Crude Oil WTI Futures Market News and Commentary

Crude Oil Prices Fall on Demand Concerns

Sep WTI crude oil (CLU24) Friday closed down -1.12 (-1.43%), and Sep RBOB gasoline (RBU24) closed down -1.25 (-0.51%).

Crude oil prices on Friday closed lower due to the week's theme of weaker global economic growth and US political uncertainty.  The markets are also worried on a longer-term basis about OPEC's plan to trim its production cuts in the coming quarters.  Crude oil prices gave back the gains seen on Wednesday and Thursday that were driven by a bullish EIA report and Russia's promise of extra production cuts.

Oil prices saw support from Russia's statement on Wednesday that it plans to make additional crude production cuts in October and November 2024, and March-Sep 2025, to offset its above-quota production seen since April.  Russia said its recent over-production has ceased and that production in July will match its OPEC+ quota.

Gasoline prices have underlying support as Exxon's Chicago-area refinery is still closed after a tornado last week cut electri... 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
$6,523/5,930
First Notice Date
12/21/23
Expiration Date
12/19/23 (expired)

Seasonal Chart

Crude Oil WTI Jan '24
Average Price Chart for 5 Prior Jan Contracts

Commitment of Traders Positions as of Jul 23, 2024

View Chart Details
Commercials - Long / Short
654,310 (+18,410)
965,760 (+4,796)
Non-Commercials - Long / Short
355,611 (-20,816)
79,613 (-9,213)
Producers - Long / Short
507,687 (+9,552)
423,386 (+2,947)
Swap Dealers - Long / Short
42,751 (+356)
438,502 (-6,653)
Managed Money - Long / Short
258,257 (-17,903)
33,216 (+5,557)
Other Reportables - Long / Short
97,354 (-2,913)
46,397 (-14,770)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
67.71 +8.46%
on 12/13/23
79.60 -7.74%
on 11/30/23
-2.60 (-3.42%)
since 11/17/23
3-Month
67.71 +8.46%
on 12/13/23
90.27 -18.64%
on 09/28/23
-14.45 (-16.44%)
since 09/19/23
52-Week
64.37 +14.09%
on 03/20/23
90.27 -18.64%
on 09/28/23
+0.81 (+1.12%)
since 12/19/22

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Most Recent Stories

More News
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Sep Nymex natural gas (NGU24 ) on Friday closed down -0.021 (-1.01%), posting the fourth consecutive decline. Sep nat-gas prices on Friday extended the sharp 4-session sell-off and posted a new contract...

NGU24 : 2.051s (-1.01%)
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Crude Oil Prices Fall on Demand Concerns

Sep WTI crude oil (CLU24 ) Friday closed down -1.12 (-1.43%), and Sep RBOB gasoline (RBU24 ) closed down -1.25 (-0.51%). Crude oil prices on Friday closed lower due to the week's theme of weaker global...

CLU24 : 77.16s (-1.43%)
RBU24 : 2.4170s (-0.51%)
Crude Oil Prices Fall on Demand Concerns

Sep WTI crude oil (CLU24 ) today is down -1.29 (-1.65%), and Sep RBOB gasoline (RBU24 ) is down -0.0200 (-0.82%). Crude oil prices today are trading lower on this week's theme of weaker global economic...

CLU24 : 77.16s (-1.43%)
RBU24 : 2.4170s (-0.51%)
Crude Oil Prices See Support from Positive US GDP Report

Sep WTI crude oil (CLU24 ) on Thursday closed up +0.69 (+0.89%), and Sep RBOB gasoline (RBU24 ) closed up +1.66 (+0.69%). Crude oil prices on Thursday rallied on the stronger-than-expected US Q2 GDP report...

CLU24 : 77.16s (-1.43%)
RBU24 : 2.4170s (-0.51%)
Nat-Gas Prices Extend Decline on Bearish EIA Report

Sep Nymex natural gas (NGU24 ) on Thursday closed down -0.086 (-3.99%). Sep nat-gas prices on Thursday extended the sharp 3-session sell-off and closed just mildly above the contract low posted on July...

NGU24 : 2.051s (-1.01%)
Coterra Energy's Q2 2024 Earnings: What to Expect

Coterra Energy will unveil its Q2 earnings next month, and analysts project single-digit bottom-line growth.

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Earnings Preview: What to Expect From ONEOK's Report

With ONEOK expected to release its Q2 earnings next month, analysts project a double-digit bottom-line growth.

OKE : 82.02 (+0.76%)
$SPX : 5,459.10 (+1.11%)
XLE : 92.19 (+0.32%)
Crude Oil Prices See Support from Positive US GDP Report

Sep WTI crude oil (CLU24 ) today is up +0.06 (+0.06%), and Sep RBOB gasoline (RBU24 ) is down -0.0093 (-0.38%). Crude oil prices are seeing support from today mildly stronger-than-expected US Q2 GDP report...

CLU24 : 77.16s (-1.43%)
RBU24 : 2.4170s (-0.51%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 76.54
2nd Resistance Point 75.28
1st Resistance Point 74.36
Last Price 73.44s
1st Support Level 72.18
2nd Support Level 70.92
3rd Support Level 70.00

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52-Week High 90.27
Fibonacci 61.8% 80.38
Fibonacci 50% 77.32
Fibonacci 38.2% 74.26
Last Price 73.44s
52-Week Low 64.37

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