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Crude Oil WTI Feb '23 (CLG23)
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Crude Oil WTI Futures Market News and Commentary

Crude Prices Slump on Skepticism About OPEC+ Crude Production Cuts

January WTI crude oil (CLF24) on Friday closed down -1.57 (-2.07%), and Jan RBOB gasoline (RBF24) closed down -0.0547 (-2.51%).

Crude oil and gasoline prices Friday gave up an early advance and sold off, with crude falling to a 1-week low.  Crude prices were under pressure on negative carryover from Thursday when OPEC+ said it would cut its crude production level by -1.0 million bpd but did not provide details on how the cuts would be implemented.  Also, concerns that economic activity in the U.S. is slowing weighed on energy prices after Friday's U.S. Nov ISM manufacturing report contracted more than expected.  Crude price Friday initially opened higher on a weak dollar and after a gauge of Chinese manufacturing activity unexpectedly expanded last month, a positive for energy demand.  

Friay's global manufacturing news was mixed for crude demand and prices.  On the bearish side, the U.S. Nov ISM manufacturing index was unchanged at 46.7, weaker than expectations of an i... 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
$7,260/6,600
First Notice Date
01/24/23
Expiration Date
01/20/23 (expired)

Seasonal Chart

Crude Oil WTI Feb '23
Average Price Chart for 5 Prior Feb Contracts

Commitment of Traders Positions as of Nov 28, 2023

View Chart Details
Commercials - Long / Short
563,152 (-3,792)
769,931 (-27,022)
Non-Commercials - Long / Short
352,382 (+1,597)
169,211 (+25,750)
Producers - Long / Short
405,739 (-12,338)
292,395 (-25,787)
Swap Dealers - Long / Short
63,995 (+3,115)
384,118 (-6,666)
Managed Money - Long / Short
203,808 (+3,327)
125,492 (+9,940)
Other Reportables - Long / Short
148,574 (-1,730)
43,719 (+15,810)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
72.46 +12.21%
on 01/05/23
82.38 -1.30%
on 01/18/23
+5.08 (+6.66%)
since 12/20/22
3-Month
70.31 +15.65%
on 12/09/22
91.19 -10.83%
on 11/07/22
-0.68 (-0.83%)
since 10/20/22
52-Week
70.31 +15.65%
on 12/09/22
106.51 -23.66%
on 06/08/22
+4.70 (+6.13%)
since 01/20/22

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Barchart Trading Guide

The Barchart Trading Guide is a Buy Signal with a Weak Signal Strength.

Key Turning Points

3rd Resistance Point 84.02
2nd Resistance Point 82.83
1st Resistance Point 82.07
Last Price 81.31s
1st Support Level 80.12
2nd Support Level 78.93
3rd Support Level 78.17

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52-Week High 106.51
Fibonacci 61.8% 92.68
Fibonacci 50% 88.41
Fibonacci 38.2% 84.14
Last Price 81.31s
52-Week Low 70.31

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