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Crude Oil WTI May '23 (CLK23)
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Crude Oil WTI Futures Market News and Commentary

Crude Prices Tumble on Global Demand Concerns

July WTI crude oil (CLN23) on Tuesday closed down -3.21 (-4.42%), and July RBOB gasoline (RBN23) closed down -11.21 (-4.33%).  

Crude oil and gasoline prices Tuesday sold off sharply, with crude falling to a 2-week low and gasoline dropping to a 1-week low.  Crude oil prices fell on concern about global demand for crude oil.  Crude oil prices are also being undercut by expectations that OPEC+ will maintain current crude production levels when it meets later this week.

Signs of weakness in the physical market are undercutting crude prices after the June-July cash roll of WTI crude, which reflects crude supply balances at Cushing, the delivery point of WTI futures, dropped -29 cents per barrel, indicating lower demand for crude barrels being delivered in June than in July.

The lackluster recovery in China from its Covid Zero policy signals weaker-than-expected energy demand and is a bearish factor for crude prices.

A bearish factor for crude was Russian Deputy... 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
$6,380/5,800
First Notice Date
04/24/23
Expiration Date
04/20/23 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of May 23, 2023

View Chart Details
Commercials - Long / Short
705,745 (-24,891)
923,131 (-23,117)
Non-Commercials - Long / Short
317,600 (-10,371)
124,481 (-12,021)
Producers - Long / Short
525,835 (-7,390)
505,442 (-13,751)
Swap Dealers - Long / Short
80,479 (-9,757)
318,258 (-1,622)
Managed Money - Long / Short
196,246 (-13,138)
76,588 (-1,126)
Other Reportables - Long / Short
121,354 (+2,767)
47,893 (-10,895)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
66.82 +15.67%
on 03/24/23
83.53 -7.47%
on 04/12/23
+9.47 (+13.96%)
since 03/20/23
3-Month
64.36 +20.09%
on 03/20/23
83.53 -7.47%
on 04/12/23
-4.71 (-5.74%)
since 01/20/23
52-Week
64.36 +20.09%
on 03/20/23
101.66 -23.97%
on 06/08/22
-11.40 (-12.85%)
since 04/20/22

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Crude Prices Tumble on Global Demand Concerns

July WTI crude oil (CLN23 ) on Tuesday closed down -3.21 (-4.42%), and July RBOB gasoline (RBN23 ) closed down -11.21 (-4.33%). Crude oil and gasoline prices Tuesday sold off sharply, with crude falling...

CLN23 : 69.06 (-0.58%)
RBN23 : 2.4752 (-0.16%)
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NGN23 : 2.311 (-0.69%)
Crude Prices Tumble on Global Demand Concerns

July WTI crude oil (CLN23 ) this morning is down -2.92 (-4.02%), and July RBOB gasoline (RBN23 ) is down -10.93 (-4.22%). July Nymex natural gas (NGN23 ) is down -0.124 (-5.13%). Crude oil and gasoline...

CLN23 : 69.06 (-0.58%)
RBN23 : 2.4752 (-0.16%)
NGN23 : 2.311 (-0.69%)
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This week I am planning to open a long Gas Oil and a long White Sugar calendar spread.

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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 80.38
2nd Resistance Point 79.64
1st Resistance Point 78.46
Last Price 77.29s
1st Support Level 76.54
2nd Support Level 75.80
3rd Support Level 74.62

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52-Week High 101.66
Fibonacci 61.8% 87.41
Fibonacci 50% 83.01
Fibonacci 38.2% 78.61
Last Price 77.29s
52-Week Low 64.36

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