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Crude Oil WTI Jun '24 (CLM24)

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Crude Oil WTI Futures Market News and Commentary

Crude Prices Settle Higher as the Dollar Weakens and EIA Inventories Decline

June WTI crude oil (CLM24) on Wednesday closed up +0.61 (+0.78%), and June RBOB gasoline (RBM24) closed up +3.72 (+1.51%).

Crude oil and gasoline prices rebounded Wednesday from 2-1/2 month lows and finished moderately higher.  Crude prices initially moved lower after the IEA cut its 2024 global crude demand forecast.  However, prices recovered their losses and pushed into positive territory after the dollar index fell to a 5-week low and weekly EIA crude inventories fell more than expected.

In a bearish factor for crude oil prices, the International Energy Agency (IEA) on Wednesday cut its 2024 global fuel consumption estimate to 1.1 million bpd, down -140,000 bpd from an April forecast.

A negative factor for crude prices is concern that some OPEC+ members want to boost their crude production levels, which may lead to infighting among the group when it meets on June 1.  Bloomberg reported Tuesday that the UAE, Iraq, Algeria, and Kazakhstan aim to boost their produ... 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
$6,675/6,069
First Notice Date
05/23/24 (7 days)
Expiration Date
05/21/24 (5 days)

Seasonal Chart

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

Commitment of Traders Positions as of May 7, 2024

View Chart Details
Commercials - Long / Short
688,456 (+48,077)
949,527 (+405)
Non-Commercials - Long / Short
360,533 (-32,249)
145,089 (+17,768)
Producers - Long / Short
557,621 (+49,251)
437,664 (+16,201)
Swap Dealers - Long / Short
45,197 (+3,494)
426,225 (-11,128)
Managed Money - Long / Short
207,621 (-37,810)
103,102 (+16,376)
Other Reportables - Long / Short
152,912 (+5,561)
41,987 (+1,392)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
76.70 +3.27%
on 05/15/24
85.64 -7.51%
on 04/19/24
-5.62 (-6.63%)
since 04/16/24
3-Month
75.10 +5.47%
on 02/26/24
86.97 -8.92%
on 04/12/24
+1.73 (+2.23%)
since 02/16/24
52-Week
64.90 +22.05%
on 06/12/23
86.97 -8.92%
on 04/12/24
+11.66 (+17.26%)
since 05/16/23

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Crude Prices Settle Higher as the Dollar Weakens and EIA Inventories Decline

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CLN24 : 78.57 (+0.52%)
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June WTI crude oil (CLM24 ) today is up +0.11 (+0.14%), and June RBOB gasoline (RBM24 ) is up +2.53 (+1.03%). Crude oil and gasoline prices rebounded from 2-1/2 month lows and are slightly higher. Crude...

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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 81.69
2nd Resistance Point 80.30
1st Resistance Point 79.47
Last Price 79.08
1st Support Level 77.25
2nd Support Level 75.86
3rd Support Level 75.03

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52-Week High 86.97
Last Price 79.06
Fibonacci 61.8% 78.54
Fibonacci 50% 75.93
Fibonacci 38.2% 73.33
52-Week Low 64.90

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