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Crude Oil Brent Aug '24 (CBQ24)

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Crude Oil Brent Futures Market News and Commentary

Crude Closes Lower on the Outlook for a Global Crude Glut

January WTI crude oil (CLF25) Thursday closed down -0.27 (-0.38%), and January RBOB gasoline (RBF25) closed up +0.0027 (+0.14%).

Crude oil and gasoline prices Thursday fell back from 2-1/2 week highs and settled mixed.  Thursday's rally in the dollar index (DXY00) to a 2-week high weighed on energy prices.  Also, Thursday's monthly report from the International Energy Agency (IEA) was bearish for crude as the IEA projects a global oil glut next year.

Crude price retreated Thursday after the IEA said global oil markets would be oversupplied by 1.4 million bpd if OPEC+ proceeds with plans to revive crude output starting in April, and even if OPEC+ cancels next year's production hikes entirely, there will still be a supply glut of 950,000 bpd.

Crude prices found support Thursday from a Times of Israel report that said Israel's military sees the fall of Syria's regime as an opportunity to carry out a strike on Iran, which could widen the conflict in the Middle East and... Read more

Contract Specifications

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Contract
Brent Crude Oil
Contract Size
42,000 U.S. Gallons
Tick Size
1 cent per barrel ($10.00 per contract)
Trading Hours
8:00p.m. - 6:00p.m. (EST)
Exchange
ICE/EU
Point Value
$1,000
Margin/Maintenance
$6,765/6,150
First Notice Date
06/28/24
Expiration Date
06/28/24 (expired)

Seasonal Chart

Crude Oil Brent Aug '24
Average Price Chart for 5 Prior Aug Contracts
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
76.76 +12.57%
on 06/04/24
87.22 -0.93%
on 06/28/24
+2.47 (+2.94%)
since 05/28/24
3-Month
76.76 +12.57%
on 06/04/24
90.22 -4.22%
on 04/12/24
+1.06 (+1.24%)
since 03/28/24
52-Week
71.99 +20.03%
on 07/03/23
90.22 -4.22%
on 04/12/24
+13.89 (+19.15%)
since 06/28/23

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Most Recent Stories

More News
IEA Predicts Global Oil Glut Even With OPEC+ Delay - WTI Crude Oil 12/12/24

The February WTI (CLG25 ) trading session settled at 69.66 (-0.21) [-0.30%] , a high of 70.27, a low of 68.74. Cash price is at 70.32 (+1.72), while open interest for CLG25 is at 262,100. CLG25 settled...

CLG25 : 69.86 (+0.29%)
Crude Closes Lower on the Outlook for a Global Crude Glut

January WTI crude oil (CLF25 ) Thursday closed down -0.27 (-0.38%), and January RBOB gasoline (RBF25 ) closed up +0.0027 (+0.14%). Crude oil and gasoline prices Thursday fell back from 2-1/2 week highs...

CLF25 : 70.27 (+0.36%)
RBF25 : 1.9941 (+0.28%)
DXY00 : 107.119 (+0.15%)
Nat-Gas Prices Push Higher on a Bullish Weekly Storage Report

January Nymex natural gas (NGF25 ) on Thursday closed higher by +0.077 (+2.28%) Jan nat-gas prices on Thursday rallied for a second session and posted a 2-1/2 week high. A larger-than-expected draw in...

NGF25 : 3.441 (-0.41%)
Crude Tumbles as the IEA Projects a Global Crude Surplus Next Year

January WTI crude oil (CLF25 ) today is down -0.92 (-1.31%), and January RBOB gasoline (RBF25 ) is down -0.0239 (-1.20%). Crude oil and gasoline prices today fell back from 2-1/2 week highs and are moderately...

CLF25 : 70.27 (+0.36%)
RBF25 : 1.9941 (+0.28%)
DXY00 : 107.119 (+0.15%)
WTI Crude Holds Key Levels Amid Geopolitical Tensions and Market Uncertainty

WTI Crude Oil futures rallied strongly yesterday off technical buying and geopolitical / sanction risk. Treasury secretary Janet Yellen said that lower oil prices might allow further sanctions against...

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NGF25 : 3.441 (-0.41%)
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Crude Rallies on the Potential for Additional US Sanctions on Russian Oil

January WTI crude oil (CLF25 ) Wednesday closed up +1.70 (+2.48%), and January RBOB gasoline (RBF25 ) closed up +0.0290 (+1.48%). Crude oil and gasoline prices posted moderate gains Wednesday, with crude...

CLF25 : 70.27 (+0.36%)
RBF25 : 1.9941 (+0.28%)
Nat-Gas Prices Jump on Colder US Temps and Outlook for a Large EIA Inventory Draw

January Nymex natural gas (NGF25 ) on Wednesday closed sharply higher by +0.215 (+6.80%) Jan nat-gas prices on Wednesday rallied sharply to a 2-week high after forecasts turned colder for the eastern half...

NGF25 : 3.441 (-0.41%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 87.99
2nd Resistance Point 87.60
1st Resistance Point 87.01
Last Price 86.41s
1st Support Level 86.03
2nd Support Level 85.64
3rd Support Level 85.05

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52-Week High 90.22
Last Price 86.41s
Fibonacci 61.8% 83.26
Fibonacci 50% 81.10
Fibonacci 38.2% 78.95
52-Week Low 71.99

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