CHART VIEW – Crude Oil Futures by Jeff Gilfillan

NYMEX WTI Crude futures front month contract

Front month CME Group NYMEX Crude Oil futures reached a 3 ½ year high of 72.83 on May 22nd. The post financial crisis 50% front month level of 70.44 was temporarily breached in early May and lasted about 3 weeks before retreating into the mid-60s.

There is a low volume area on a weekly chart between 71.50 to 78.20 area in front month crude oil futures. This is a key transitional area that will need strong fundamental support to breach and hold. Previous lows from 2011 (74.95) and 2012 (77.28) also provide chart price resistance.

Strong long-term support is between 47-50 and short term shakeout levels are about $10 higher at 56-57. Volatility should continue but this also may provide short lived opportunities for both producers and users to hedge at needful levels.

The CQG quote board and chart below displays the most popular crude futures chart on top (CME WTI Crude Futures) followed by quotes and market depth from a variety of tradeable crude oil futures of various types accessible through the CME Group, ICE, Dubai Mercantile Exchange, TOCOM and NFX.

CME Group – NYMEX Crude Oil Futures (July 2018) – 06/12/2018 – 11:00 AM CST (chart displayed)

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Quotes with Bid/Ask/Market Depth – CME Group NYMEX – WTI Crude Oil; ICE Brent Crude; ICE WTI Light Sweet Crude; Dubai Mercantile Exchange (DME) – Oman Crude Oil; TOCOM Crude Oil; NFX Brent Crude Oil.

Futures trading is not for everyone. The risk of loss in trading can be substantial. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.

CME GROUP – NYMEX Crude Oil Futures – Weekly – 06/12/2018

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Futures trading is not for everyone. The risk of loss in trading can be substantial. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.