Technical Analysis of CFDs on Crude Oil WTI FX:USOIL

It reached its 52-week high of $96.62 on Sep. 27, 2023. WTI crude fell to its 52-week low of $64.00 per barrel on May 3, 2023. It reached its 52-week high of $95.52 on Sep. 27, 2023.

U.S. crude oil production in the week ended Feb 16 was unchanged w/w at a record high of 13.3 million bpd. A decline in Russian crude oil exports is supportive of crude oil prices. Tanker-tracking data from Vortexa, monitored by Bloomberg, shows Russian crude exports in the week to Feb 11 fell about -290,000 bpd from the prior week to 3.49 million bpd. Hezbollah and Israel have traded fire almost daily since the Israel-Hamas war erupted on Oct 7. Also, the U.S. and UK have engaged in airstrikes against Houthi rebels in Yemen in retaliation for Houthi attacks on commercial shipping in the Red Sea. Natural disasters and geopolitical conflicts worldwide can disrupt production and create oil supply shortages.

Today’s weekly EIA report was mixed for crude and its products. On the bullish side, EIA crude inventories rose +3.51 million bbl, below expectations of +3.75 million bbl. Also, EIA distillate stockpiles fell -4.0 million bbl, a bigger draw than https://1investing.in/ expectations of -2.1 million bbl. On the bearish side, EIA gasoline supplies fell -293,000 bbl, a smaller draw than expectations of -2.6 million bbl. Also, crude stockpiles at Cushing, the delivery point of WTI futures, rose +741,000 bbl.

1. Also, the U.S. and UK have engaged in airstrikes against Houthi rebels in Yemen in retaliation for Houthi attacks on commercial shipping in the Red Sea.
2. Baker Hughes reported last Friday that active U.S. oil rigs in the week ended Feb 16 fell by -2 rigs to 497 rigs, just above the 2-year low of 494 rigs posted on Nov 10.
3. Natural disasters and geopolitical conflicts worldwide can disrupt production and create oil supply shortages.
4. Brent futures rose by 0.18% to $82.57/bbl, as of 9 a.m.

On Nov 30, OPEC+ agreed to cut crude production by -1.0 million bpd through June 2024. However, a Bloomberg survey on Thursday showed the group cut production by only -490,000 bpd in January, less than the official -1.0 million bpd cut. Meanwhile, on Dec 21, Angola announced it was leaving OPEC amid a dispute over oil production quotas. Baker Hughes reported last Friday that active U.S. oil rigs in the week ended Feb 16 fell by -2 rigs to 497 rigs, just above the 2-year low of 494 rigs posted on Nov 10. The number of U.S. oil rigs has fallen over the past year from the 3-3/4 year high of 627 rigs posted in December 2022. Saudi Arabian oil is neither WTI, extracted in the U.S., nor Brent, extracted in the North Sea near Europe.

Crude Oil WTI Futures Streaming Chart

On Feb 3, a drone attack by Ukraine damaged Russia’s Lukoil PJSC facility in Volgograd, which processed 289,000 bpd of crude oil in January, or more than 5% of Russia’s total crude processing volume. On Jan 25, a drone attack damaged Russia’s Rosneft PJSC’s major Tuapse refinery on Russia’s Black Sea coast. Russia said on Jan 26 that the Tuapse refinery, which processed 180,000 bpd of crude in the first half of January, will be shut down through at least February. In recent weeks, several Russian oil processing and storage facilities have been targeted and damaged by Ukrainian drone attacks, increasing the risks of reducing Russian crude exports.

Нефть марки WTI

Brent crude is a sweet, light blend of oils extracted from the North Sea near Europe. Brent futures rose by 0.18% to $82.57/bbl, as of 9 a.m. BP is continuing the phased restart of its 435,000-barrel-per-day (bpd) Whiting, Indiana, refinery, a company spokesperson said on Thursday night. U.S. crude grades largely eased on Friday, the last day of the volatile “roll” period as traders adjusted crude slates, dealers said.

A cold snap in January and increased exports to Asia in March has largely boosted prices for light crude, while an unplanned outage at BP’s BP. Whiting refinery has led to more availability of heavy oil. Brent crude is oil extracted from the Brent, Ekofisk, Forties and Oseberg oil fields.

Futures contracts are agreements to buy or sell a standardized amount of an asset at a specific price on a particular future date. To buy and sell crude oil futures contracts, you must open a brokerage account that offers commodity futures trading. The primary futures contracts for WTI crude oil trades on the NYMEX under CL. The primary futures contracts for Brent crude oil trades on the ICE under the symbol B.

Brent crude oil price

Saudi Arabia’s state-owned oil company, Saudi Aramco, uses the Dubai/Oman crude oil benchmark when pricing its oil for delivery to Asia. The Brent/WTI spread has historically ranged between $4/bbl and $8/bbl, but it can expand or contract based on factors related to U.S. and international supply and demand conditions. For example, the Brent/WTI spread hit nearly $14/bbl in April 2011 when protests sparked market fears of significant oil supply disruptions in the Middle East. Crude oil is one of the most important commodities in the world, serving as a key energy source and as a raw material used to produce plastics, chemicals and other products. Nearly all the crude oil imported or produced in the U.S. is refined into petroleum products, including gasoline, diesel fuel and heating oil.

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Gold price today: February 23, 2024

Brent crude oil prices hit their all-time high of $147.50/bbl during the oil market boom in July 2008. However, WTI futures contract prices dropped to as low as negative $40/bbl on April 20, 2020, driven largely by a lack of U.S. storage options during the COVID-19 crude oil wti tradingview pandemic. Brent futures contracts remained well above zero, bottoming at around $25/bbl that day. Crude prices also have support from Ukrainian drone attacks on Russian refineries and oil storage facilities that have curtailed Russian fuel exports.

Crude Oil Futures chart

The U.S. and global economies experience much higher industrial energy demand during periods of strong economic growth and lower demand during economic downturns. Finally, the Organization of the Petroleum Exporting Countries can significantly alter global crude oil supplies by increasing or cutting production. Futures contracts are agreements to buy or sell a standardized amount of an asset at a specific price on a specific future date. WTI and Brent futures contracts each represent 1,000 barrels of oil per contract. WTI crude oil and international Brent crude oil are influenced by several factors that can change the market’s supply and demand balance. Brent crude fell to its 52-week low of $68.20 per barrel on May 3, 2023.

West Texas Intermediate prices have drifted lower in 2024, but prices are up 28.53% over the past three years. WTI Midland (WTC-WTM) weakened 40 cents, while WTI at East Houston (WTC-MEH), eased 30 cents. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

The information is accurate as of the publish date, but always check the provider’s website for the most current information. Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. The difference between the spot price of Brent crude and WTI crude is called the Brent/WTI spread. WTI crude is a blend of oils extracted from U.S. oilfields in Texas, North Dakota and Louisiana and is delivered to Cushing, Oklahoma.

Today’s U.S. economic news was supportive of energy demand and crude prices. Weekly initial unemployment claims unexpectedly fell -12,000 to a 5-week low of 201,000, showing a stronger labor market than expectations of an increase to 216,000. Also, the Feb S&P manufacturing PMI rose +0.8 to a 17-month high of 51.5, stronger than expectations of no change at 50.7. In addition, Jan existing home sales rose +3.1% to a 5-month high of 4.00 million, stronger than expectations of 3.97 million.