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Crude Oil WTI Jul '23 (CLN23)

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Crude Oil WTI Futures Market News and Commentary

Dollar Strength Weighs on Crude

June WTI crude oil (CLM24) on Monday closed down -0.26 (-0.32%), and June RBOB gasoline (RBM24) closed down -3.43 (-1.33%).

Crude oil and gasoline on Monday gave up an early advance and posted moderate losses.  A stronger dollar on Monday weighed on energy prices.  Losses in crude Monday were limited by a rally in stocks, which shows confidence in the economic outlook that supports energy demand.

An increase in crude oil in floating storage is bearish for prices.  Monday's weekly data from Vortexa showed that the amount of crude oil held worldwide on tankers that have been stationary for at least a week rose +15% w/w to 69.27 million bbl as of May 17.

Crude oil prices have underlying support from concern about the Hamas-Israel conflict.  Israel's military is poised to conduct major military operations in the southern Gaza city of Rafah despite opposition from the Biden administration.  There is also concern that the war might spread to Hezbollah in Lebanon or even... 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
$6,751/6,138
First Notice Date
06/22/23
Expiration Date
06/20/23 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of May 14, 2024

View Chart Details
Commercials - Long / Short
690,868 (+2,412)
941,829 (-7,698)
Non-Commercials - Long / Short
330,395 (-30,138)
127,352 (-17,737)
Producers - Long / Short
547,322 (-10,299)
426,844 (-10,820)
Swap Dealers - Long / Short
44,568 (-629)
416,007 (-10,218)
Managed Money - Long / Short
201,164 (-6,457)
81,932 (-21,170)
Other Reportables - Long / Short
129,231 (-23,681)
45,420 (+3,433)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
66.80 +5.54%
on 06/12/23
75.06 -6.08%
on 06/05/23
-1.19 (-1.66%)
since 05/19/23
3-Month
63.89 +10.35%
on 05/04/23
82.91 -14.97%
on 04/12/23
+2.49 (+3.66%)
since 03/20/23
52-Week
63.89 +10.35%
on 05/04/23
93.15 -24.32%
on 06/21/22
-20.72 (-22.71%)
since 06/17/22

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Dollar Strength Weighs on Crude

June WTI crude oil (CLM24 ) on Monday closed down -0.26 (-0.32%), and June RBOB gasoline (RBM24 ) closed down -3.43 (-1.33%). Crude oil and gasoline on Monday gave up an early advance and posted moderate...

CLN24 : 79.23 (-0.09%)
RBN24 : 2.5320 (+0.16%)
Nat-Gas Prices Surge on Southern US Heat

June Nymex natural gas (NGM24 ) on Monday closed up +0.125 (+4.76%). June nat-gas prices Monday rallied sharply to a 4-month nearest-futures high. The outlook for hot temperatures in the southern US that...

NGN24 : 2.899 (-0.07%)
Crude Slightly Lower on Dollar Strength

June WTI crude oil (CLM24 ) this morning is down -0.05 (-0.06%), and June RBOB gasoline (RBM24 ) is down -2.35 (-0.91%). Crude oil and gasoline today shed an early advance and are slightly lower. A stronger...

CLN24 : 79.23 (-0.09%)
RBN24 : 2.5320 (+0.16%)
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Short Sugar Calendar Spread, Long Natural Gas Butterfly Spread

We're entering a very *bullish* multi-month period for the Sugar markets.  Sugar prices have been pushed sharply lower (partially by the big drop in Crude Oil) but looking forward, seasonals suggest it's...

Crude Closes Higher on Lower US Crude Stockpiles

June WTI crude oil (CLM24 ) on Friday closed up +0.83 (+1.05%), and June RBOB gasoline (RBM24 ) closed up +3.64 (+1.43%). Crude oil and gasoline posted moderate gains on Friday, with crude climbing to...

CLN24 : 79.23 (-0.09%)
RBN24 : 2.5320 (+0.16%)
Nat-Gas Prices Finish Sharply Higher as Oversupply Fears Ease

June Nymex natural gas (NGM24 ) on Friday closed up +0.131 (+5.25%). June nat-gas prices on Friday extended this week's rally to a new 3-3/4 month nearest-futures high. Nat-gas prices rallied Friday on...

NGN24 : 2.899 (-0.07%)
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Crude Prices Have Support on Dollar Weakness and Tight Supplies

June WTI crude oil (CLM24 ) today is up +0.29 (+0.37%), and June RBOB gasoline (RBM24 ) is up +1.75 (+0.69%). Crude oil and gasoline rose to 1-week highs today and are moderately higher. A weaker dollar...

CLN24 : 79.23 (-0.09%)
RBN24 : 2.5320 (+0.16%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 74.28
2nd Resistance Point 73.19
1st Resistance Point 71.84
Last Price 70.50s
1st Support Level 69.40
2nd Support Level 68.31
3rd Support Level 66.96

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52-Week High 93.15
Fibonacci 61.8% 81.97
Fibonacci 50% 78.52
Fibonacci 38.2% 75.07
Last Price 70.50s
52-Week Low 63.89

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