Tag Archives: WTI

Crude Oil Futures Analysis – 30Apr2020

Crude Oil Futures have done near complete liquidation or capitulation that’s possible in markets. Now, its a new Crude Oil, and the downtrend has been broken this week. Current price is near $19 per barrel, and the upside target till $30 is visible, even as part of basic recovery in demand and increase in storage space, which is likely once the US economy restarts in May-June 2020. The supply side has been damaged in this massive price correction since Jan 2020, and that could push WTI crude prices up, and in fact make it the same as Brent Crude once the WTI upward journey starts. The real target is $50 per barrel, which maybe hit by April 2021 if global economy recovers by Feb 2021.

Crude Oil Futures Update – 29Apr2020

Crude Oil WTI June 2020 (NYMEX)

WTI Crude Oil contracts for June (CLM20) gained nearly 30% intraday today to move above $16 per barrel, but by end of the day, the prices settled near $15 per barrel.

Closing Price: $15.35 up +24.64%

Today’s rise came on hopes that the gradual reopening of some European economies would revive demand, and revive crude oil from the demand collapse in fuel consumption due to the coronavirus pandemic. In addition, the EIA reported a smaller than expected crude inventory build up. Brent crude, the international benchmark, moved above $23 per barrel, and close at $22.50 per barrel.