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Crude Oil WTI Aug '24 (CLQ24)

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Crude Oil WTI Futures Market News and Commentary

Crude Prices Settle Lower on Chinese Energy Demand Concerns

August WTI crude oil (CLQ24) on Monday closed down -0.30 (-0.36%), and Aug RBOB gasoline (RBQ24) closed down -2.37 (-0.94%).

Crude oil and gasoline prices Monday were under pressure, with gasoline falling to a 4-week low.   Weak economic news from China, the world's second-largest crude consumer, weighed on crude prices Monday.  Also, improved prospects for Donald Trump to win the US presidential election in November weighed on oil prices due to the expectation that Trump would pursue pro-US drilling policies if elected.  In addition, Monday's rally in the S&P 500 to a new record high shows confidence in the US economic outlook that is bullish for energy demand and crude prices.

Lackluster Chinese economic news is negative for energy demand and crude prices.  China's Q2 GDP rose +0.6% q/q and +5.0% y/y, weaker than expectations of +0.9% q/q and +5.2% y/y.  Also, China's June retail sales rose +2.0% y/y, weaker than expectations of +3.4% y/y and the smallest pace of incre... 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
$6,617/6,016
First Notice Date
07/24/24 (9 days)
Expiration Date
07/22/24 (7 days)

Seasonal Chart

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

Commitment of Traders Positions as of Jul 9, 2024

View Chart Details
Commercials - Long / Short
613,841 (+9,255)
939,278 (+23,610)
Non-Commercials - Long / Short
369,229 (+744)
85,335 (-3,204)
Producers - Long / Short
480,718 (+5,993)
402,596 (+12,219)
Swap Dealers - Long / Short
42,438 (+546)
445,997 (+8,675)
Managed Money - Long / Short
271,012 (+3,483)
31,000 (-3,326)
Other Reportables - Long / Short
98,217 (-2,739)
54,335 (+122)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
77.58 +5.50%
on 06/17/24
84.52 -3.16%
on 07/05/24
+3.80 (+4.87%)
since 06/14/24
3-Month
72.44 +12.99%
on 06/04/24
84.52 -3.16%
on 07/05/24
-1.66 (-1.99%)
since 04/16/24
52-Week
69.19 +18.30%
on 12/13/23
85.27 -4.01%
on 04/12/24
+10.46 (+14.65%)
since 07/14/23

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CLQ24 : 81.85 (-0.07%)
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August WTI crude oil (CLQ24 ) today is down -0.20 (-0.24%), and Aug RBOB gasoline (RBQ24 ) is down -2.44 (-0.97%). Crude oil and gasoline prices today are under pressure, with gasoline falling to a 4-week...

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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 83.61
2nd Resistance Point 83.10
1st Resistance Point 82.50
Last Price 81.85
1st Support Level 81.39
2nd Support Level 80.88
3rd Support Level 80.28

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52-Week High 85.27
Last Price 81.85
Fibonacci 61.8% 79.13
Fibonacci 50% 77.23
Fibonacci 38.2% 75.33
52-Week Low 69.19

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