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Crude Oil WTI Sep '23 (CLU23)
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Crude Oil WTI Futures Market News and Commentary

Crude Prices Fall on Market Doubts About OPEC+ Crude Production Cuts

January WTI crude oil (CLF24) on Thursday closed down -1.90 (-2.44%), and Jan RBOB gasoline (RBF24) closed down -0.0715 (-3.18%).

Crude oil and gasoline prices on Thursday gave up early gains and sold off sharply after OPEC+ said it would cut its crude production level by -1.0 million bpd but did not provide details on how the cuts would be implemented.  A stronger dollar Thursday also weighed on crude prices.

On Thursday, OPEC+ agreed to cut crude production by -1.0 million bpd through June 2024.  However, crude prices sold off on the news since no details were provided on how the cuts would be distributed among members nor how Russia's -300,000 bpd export cut would factor into the new totals.  Delegates said the final details of the new accord, including national production levels, would be announced individually by each country rather than in the customary OPEC+ communique.  The market is disappointed that the extra cuts in OPEC crude output will be announced by each... 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
$7,260/6,600
First Notice Date
08/24/23
Expiration Date
08/22/23 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of Nov 21, 2023

View Chart Details
Commercials - Long / Short
566,944 (-46,295)
796,953 (-63,048)
Non-Commercials - Long / Short
350,785 (-13,594)
143,461 (-5,184)
Producers - Long / Short
418,077 (-22,620)
318,182 (-49,016)
Swap Dealers - Long / Short
60,880 (+1,725)
390,784 (+11,368)
Managed Money - Long / Short
200,481 (-12,628)
115,552 (+2,006)
Other Reportables - Long / Short
150,304 (-966)
27,909 (-7,190)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
76.44 +5.12%
on 07/24/23
84.89 -5.35%
on 08/10/23
+3.28 (+4.26%)
since 07/21/23
3-Month
66.98 +19.96%
on 06/12/23
84.89 -5.35%
on 08/10/23
+8.67 (+12.10%)
since 05/22/23
52-Week
64.21 +25.14%
on 05/04/23
85.94 -6.50%
on 08/23/22
-3.01 (-3.61%)
since 08/22/22

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Most Recent Stories

More News
Crude Prices Fall on Market Doubts About OPEC+ Crude Production Cuts

January WTI crude oil (CLF24 ) on Thursday closed down -1.90 (-2.44%), and Jan RBOB gasoline (RBF24 ) closed down -0.0715 (-3.18%). Crude oil and gasoline prices on Thursday gave up early gains and sold...

Nat-Gas Prices Slip on Ample Supplies and Warm U.S. Temps

January Nymex natural gas (NGF24 ) on Thursday closed down -0.002 (-0.07%). Nat-gas prices Thursday moved lower for the fifth consecutive session and posted modest losses. An unexpected build in weekly...

Crude Slumps as Announced OPEC+ Crude Production Cuts Lack Details

January WTI crude oil (CLF24 ) this morning is down -2.31 (-2.97%), and Jan RBOB gasoline (RBF24 ) is down -0.0727 (-3.23%). Crude oil and gasoline prices this morning gave up early gains and sold off...

Navigating Overvalued Stocks in 2023: Risks and Strategies

Are stocks overvalued right now? With market indices reaching all-time highs, it is a question that many investors ask themselves as they try to evaluate the opportunities and risks in today’s market....

Will OPEC+ Deepen its Crude Oil Production Cuts?

OPEC+ members are meeting virtually today to discuss crude production levels. Several delegates have said the group is discussing additional output cuts of about 1 million bpd. The monthly meeting of...

The Best Changes You Can Make to Your Home in Retirement

Most people look forward to retirement, since they’ll have much more freedom and flexibility during this time. However, if you’re not satisfied with your home environment, or if it’s not conducive...

Crude Oil Rallies Ahead of Thursday's OPEC+ Meeting

January WTI crude oil (CLF24 ) on Wednesday closed up +1.45 (+1.90%), and Jan RBOB gasoline (RBF24 ) closed up +0.0547 (+2.49%). Crude oil and gasoline prices Wednesday posted moderate gains, with crude...

Mild U.S. Temps Weigh on Nat-Gas Prices

January Nymex natural gas (NGF24 ) on Wednesday closed down -0.033 (-1.16%). Nat-gas prices Wednesday posted moderate losses and have closed lower for four consecutive sessions. Forecasts for milder U.S....

Crude Advances Ahead of Thursday's OPEC+ Meeting

January WTI crude oil (CLF24 ) this morning is up +0.71 (+0.93%), and Jan RBOB gasoline (RBF24 ) is up +0.0105 (+0.48%). Crude oil and gasoline prices this morning are moderately higher. Crude has support...

What is Gasoline's Next Seasonal Move?

It's interesting to note the seasonal leader of the energy sector over the winter is not heating oil or natural gas, but RBOB gasoline.

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 81.83
2nd Resistance Point 81.44
1st Resistance Point 80.89
Last Price 80.35s
1st Support Level 79.95
2nd Support Level 79.56
3rd Support Level 79.01

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52-Week High 85.94
Last Price 80.35s
Fibonacci 61.8% 77.64
Fibonacci 50% 75.07
Fibonacci 38.2% 72.51
52-Week Low 64.21

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