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Crude Oil WTI Mar '23 (CLH23)
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Crude Oil WTI Futures Market News and Commentary

Crude Closes Moderately Lower on Economic Concerns

May WTI crude oil (CLK23) on Friday closed down -0.70 (-1.00%), and May RBOB gasoline (RBJ23) closed down -1.23 (-0.48%).  

Crude oil and gasoline prices Friday closed moderately lower due to ongoing concerns that the banking turmoil could push the global economy into a recession, undercutting energy demand.  Also, strength in the dollar Friday weighed on energy prices.

Crude prices remain on the defensive from Thursday when U.S. Energy Secretary Granholm said it would be "difficult" this year to refill the Strategic Petroleum Reserve (SPR), citing ongoing sales from the SPR and said that it would take "a few years" to replenish the reserve.

China's economic recovery from the pandemic has been slow to materialize and is negative for energy demand and crude prices.  China car sales from Jan-Feb are down -9.4% y/y, and international flights from China were only 22% of pre-pandemic levels as of March 16.

In a bearish factor, Vortexa Monday reported that the amou... 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
$6,600/6,000
First Notice Date
02/23/23
Expiration Date
02/21/23 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of Mar 21, 2023

View Chart Details
Commercials - Long / Short
719,060 (+23,762)
897,964 (-9,967)
Non-Commercials - Long / Short
303,340 (+813)
148,999 (+22,691)
Producers - Long / Short
551,450 (+33,453)
498,758 (-11,788)
Swap Dealers - Long / Short
70,174 (-5,087)
301,770 (+6,425)
Managed Money - Long / Short
178,905 (-6,702)
126,758 (+37,437)
Other Reportables - Long / Short
124,435 (+7,515)
22,241 (-14,746)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
72.25 +5.41%
on 02/06/23
82.64 -7.84%
on 01/23/23
-5.48 (-6.71%)
since 01/20/23
3-Month
70.56 +7.94%
on 12/09/22
83.14 -8.40%
on 12/01/22
-3.56 (-4.47%)
since 11/21/22
52-Week
70.56 +7.94%
on 12/09/22
104.91 -27.40%
on 06/08/22
-2.58 (-3.28%)
since 02/18/22

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Most Recent Stories

More News
No Bull | Goin' Green - Part Two

If you missed last week’s No Bull (Part One of Goin’ Green ), I outlined the cause of what I would call the largest fundamental shift in fuel demand in modern times, thanks to California. California’s...

Crude Closes Moderately Lower on Economic Concerns

May WTI crude oil (CLK23 ) on Friday closed down -0.70 (-1.00%), and May RBOB gasoline (RBJ23 ) closed down -1.23 (-0.48%). Crude oil and gasoline prices Friday closed moderately lower due to ongoing...

CLK23 : 69.26s (-1.00%)
RBK23 : 2.5548s (-0.48%)
Nat-Gas Prices Find Support on Colder U.S. Temps

April Nymex natural gas (NGJ23 ) on Friday closed up +0.062 (+2.88%). Apr nat-gas Friday posted moderate gains on expectations for colder U.S temperatures to boost heating demand for nat-gas. Forecaster...

NGK23 : 2.361s (+3.42%)
Economic Concerns Undercut Crude Prices

May WTI crude oil (CLK23 ) this morning is down -1.58 (-2.26%), and May RBOB gasoline (RBJ23 ) is down -3.32 (-1.29%). April Nymex natural gas (NGJ23 ) is up +0.046 (+2.14%). Crude oil and gasoline prices...

CLK23 : 69.26s (-1.00%)
RBK23 : 2.5548s (-0.48%)
NGK23 : 2.361s (+3.42%)
No Reserve

Energy Secretary Jennifer Granholm helped sink oil by saying that it might take years to refill the Strategic Petroleum Reserve. That, along with renewed banking crisis fears now surrounding Deutsch Bank,...

Markets Rebound...somewhat

Yesterday we suggested an Upside Day and the markets didn't disappoint. What will we see today?

Nat-Gas Prices Weighed Down by Robust U.S. Supplies

April Nymex natural gas (NGJ23 ) on Thursday closed down -0.017 (-0.78%). Apr nat-gas Thursday gave up an early advance and settled moderately lower. Robust nat-gas supplies are undercutting prices, with...

NGK23 : 2.361s (+3.42%)
Crude Erases Early Gains as U.S. Delays Refilling SPR

May WTI crude oil (CLK23 ) on Thursday closed down -0.94 (-1.33%), and May RBOB gasoline (RBJ23 ) closed up +1.27 (+0.49%). Crude oil and gasoline prices Thursday fell back from 1-week highs and settled...

CLK23 : 69.26s (-1.00%)
RBK23 : 2.5548s (-0.48%)
CRUDE OIL READY TO BOUNCE? WATCH NOK #Elliottwave

Is crude oil trying to find support after that drop out of a triangle? Recovery will send USDNOK lower, especially with lower US yields.

Crude Prices Firm as the Dollar Falls

May WTI crude oil (CLK23 ) this morning is up +0.62 (+0.87%), and May RBOB gasoline (RBJ23 ) is up +4.90 (+1.91%). April Nymex natural gas (NGJ23 ) is up +0.030 (+1.38%). Crude oil and gasoline prices...

CLK23 : 69.26s (-1.00%)
RBK23 : 2.5548s (-0.48%)
NGK23 : 2.361s (+3.42%)
DXY00 : 103.116s (+0.50%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 79.04
2nd Resistance Point 78.27
1st Resistance Point 77.22
Last Price 76.16s
1st Support Level 75.40
2nd Support Level 74.63
3rd Support Level 73.58

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52-Week High 104.91
Fibonacci 61.8% 91.79
Fibonacci 50% 87.74
Fibonacci 38.2% 83.68
Last Price 76.16s
52-Week Low 70.56

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