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Covered Commodity and Power Product

WTI Crude

CL=F · Front-month continuous futures · USD per barrel

Current futures price$88.17
Current price$88.17
Daily return-2.9%
Weekly return-8.6%
Monthly return-4.0%
YTD return+53.6%
Contract monthDec 26
Contract expirationUnavailable
Rollover statusProvider-managed front-month continuous series; exact rollover methodology not supplied
Contract seriesFront-month continuous futures
RegionUnited States
Price-feed statusDelayed market data enabled
UnitsUSD per barrel
CurrencyUSD
ProviderYahoo Finance delayed futures data
Timestamp

Historical chart

WTI Crude historical futures price 127.81108.6589.4870.3251.162021-11-092022-09-092023-07-132024-05-102025-03-122026-01-092026-11-09 Date Futures price
2021-11-09 to 2026-11-09 · Range 55.27 to 123.70

AI-Assisted Chart Analysis

WTI Crude technical analysis

Calculated from verified chart history for the selected tenor; no news or fundamental assumptions are used.

Technical only
Trend

Mixed trend: the latest level is below its 20-period average, without full long-term confirmation.

Momentum

RSI is 34, a neutral reading. Above 70 can signal extension; below 30 can signal exhaustion.

Support scenario

The first technical watch zone is 88.12. A break below 82.23 invalidates the near-term support setup.

Resistance scenario

The first resistance/watch zone is 104.12. A confirmed break above 105.83 supports continuation.

Risk

Annualized realized volatility is +41.9%. Maximum lookback drawdown is -55.3%, from a high-water mark of 123.70 to 55.27.

Potential levels are conditional chart scenarios, not personalized advice or instructions to buy or sell.

Current signal

  • WTI crude oil futures are exhibiting high volatility, with recent sessions characterized by sharp price declines followed by consolidation.
  • Official CME Group data confirms significant downward moves in early November, with futures falling 8% in a single session on November 2nd.
  • Market sentiment, as reflected in social signals, remains focused on price support levels near $86-$87 per barrel, following a retreat from higher levels observed in late October.
  • The current price environment lacks a clear directional trend, with market participants debating the impact of geopolitical developments versus macroeconomic factors.

What changed

  • WTI crude futures experienced a notable correction, with prices dropping from levels above $100 per barrel in late October to the $87-$90 range by early November.
  • Money managers have reportedly reduced their net long positions, indicating a shift in speculative positioning amid the price volatility.
  • The market has transitioned from a period of potential supply-risk premiums to a focus on demand-side concerns and broader market corrections.
  • Trading activity has been marked by rapid, high-volume sell-offs, particularly around November 2nd and 4th, as noted in official CME market updates.

Why it matters

  • For energy producers, the decline in WTI prices directly impacts revenue projections and capital expenditure plans for the upcoming fiscal year.
  • For consumers and inflation expectations, lower crude prices may alleviate some upward pressure on energy-related CPI components, though the sustainability of this move is uncertain.
  • For risk assets, the sharp volatility in oil often correlates with broader market sentiment shifts, influencing risk-on or risk-off behavior in equities.
  • The price action suggests that market participants are actively repricing geopolitical risk premiums, which were previously elevated.

Bullish factors

  • Some market participants continue to cite potential supply constraints and geopolitical tensions as floors for the price, with speculative targets as high as $95 per barrel.
  • Physical demand remains a factor, evidenced by reports of Indian refiner BPCL purchasing 1 million barrels of U.S. crude, suggesting underlying consumption.
  • Technical support levels, such as the 200-day moving average, are being monitored by traders as potential zones for price stabilization or rebounds.
  • Large-scale speculative interest, including reports of significant capital allocated to potential oil rebounds, provides a counter-narrative to the recent sell-off.

Bearish factors

  • The rapid decline in prices, including an 8% drop on November 2nd, indicates strong selling pressure and a potential shift in market structure.
  • Money managers reducing net long positions suggests a decrease in institutional conviction regarding further price appreciation.
  • Broad market volatility and the correlation with other asset classes suggest that macro-economic headwinds may be outweighing specific oil-market fundamentals.
  • The failure to sustain price levels above $100 has led to technical breakdowns, which may attract further algorithmic or trend-following selling.

Key catalysts

  • Official U.S. energy inventory data from the EIA remains a primary monitor for supply-demand balance shifts.
  • Geopolitical developments in the Middle East continue to be a source of potential volatility, as noted in market commentary.
  • Future OPEC and IEA publications will be critical for assessing global supply and demand forecasts.
  • Macroeconomic data releases and central bank policy decisions are influencing the broader risk environment in which crude oil trades.

Key risks

  • A sustained break below key technical support levels could trigger further liquidation of long positions.
  • Unexpected shifts in global demand forecasts from major agencies like the IEA could exacerbate price volatility.
  • Geopolitical de-escalation could lead to a rapid unwinding of the remaining risk premium in oil prices.
  • Liquidity constraints during periods of high volatility could amplify price swings in the futures market.

Upcoming reports

  • Ongoing monitoring of official EIA petroleum status reports for changes in U.S. crude inventories.
  • Continued tracking of CFTC positioning data to gauge changes in money manager sentiment.
  • Scheduled releases from OPEC and the IEA regarding global oil market supply and demand balances.
  • Daily monitoring of CME Group futures settlement data for price trend confirmation.

Latest verified updates

  • CME Group reported an 8% decline in WTI Crude Oil futures on November 2nd.
  • Reuters reported that Indian refiner BPCL purchased 1 million barrels of U.S. crude, confirming ongoing physical demand.
  • CME Group data confirmed that WTI Crude Oil futures hit 14-session lows on November 4th.
  • Official CME Group documentation for Micro WTI Crude Oil futures remains the standard for contract specifications.

Sources

Yahoo Finance delayed futures data

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