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Crude Oil WTI Feb '24 (CLG24)

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Crude Oil WTI Futures Market News and Commentary

Crude Oil Prices Plummet on Speculation Strait of Hormuz Could Soon Reopen

July WTI crude oil (CLN26) on Wednesday closed down -5.89 (-5.66%), and July RBOB gasoline (RBN26) closed down -0.1911 (-5.35%).  Crude oil and gasoline prices plunged on Wednesday, with gasoline falling to a 1.5-week low.  Crude price plummeted on Wednesday after President Trump said the US is in the "final stages" with Iran, bolstering speculation that crude supplies will soon start flowing out of the Strait of Hormuz.  Crude prices remained sharply lower on a mixed weekly EIA inventory report.  

Crude prices sank on Wednesday in hopes that a peace deal to end the US-Iran war is near, which could soon reopen the Strait of Hormuz.  President Trump said on Wednesday that the US is in the "final stages" of talks with Iran.  On Tuesday, Mr. Trump said that Iran is "being reasonable" and that he will "maybe" give them until early next week to make a peace deal.

Also weighing on crude prices is the discussion among NATO members of escorting ships through the Strait of Hormuz... 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
$13,214/12,013
First Notice Date
01/24/24
Expiration Date
01/22/24 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of May 12, 2026

View Chart Details
Commercials - Long / Short
958,509 (+25,067)
1,154,643 (+15,051)
Non-Commercials - Long / Short
371,491 (-10,051)
201,614 (-1,142)
Producers - Long / Short
743,791 (+27,292)
386,384 (+7,386)
Swap Dealers - Long / Short
91,319 (-8,701)
644,860 (+1,189)
Managed Money - Long / Short
187,332 (+1,577)
114,531 (-433)
Other Reportables - Long / Short
184,159 (-11,628)
87,083 (-709)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
69.28 +8.53%
on 01/03/24
76.18 -1.30%
on 12/26/23
+1.63 (+2.22%)
since 12/22/23
3-Month
67.98 +10.61%
on 12/13/23
85.76 -12.33%
on 10/23/23
-10.38 (-12.13%)
since 10/20/23
52-Week
64.24 +17.05%
on 03/20/23
88.21 -14.76%
on 09/28/23
-2.63 (-3.38%)
since 01/20/23

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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 79.31
2nd Resistance Point 77.55
1st Resistance Point 76.37
Last Price 75.19s
1st Support Level 73.43
2nd Support Level 71.67
3rd Support Level 70.49

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52-Week High 88.21
Fibonacci 61.8% 79.05
Fibonacci 50% 76.22
Last Price 75.19s
Fibonacci 38.2% 73.40
52-Week Low 64.24

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