WTI Crude oil futures settle at $99.88

The price of WTI crude oil Crude Oil Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk, Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk, Read this Term futures are settling down -$0.86 or -0.84% at $99.88. The high price reached $100.72. The low price extended to $98.16.

Meanwhile, natural gas market continued to be influenced by the Nord stream 1 drama. It seems that flows will restart on Thursday but at a reduced capacity (30%). Russians Putin is blaming maintenance condition of turbines for the decreased supply on.

The continued uncertainty helped to push the natural gas futures Futures Futures or a futures contract represents a legal agreement to buy or sell a security or asset at a predetermined price at a specified time in the future. Of note, the parties are not known to each other.These transactions usually involve commodities or other securities involving the buying and selling for a forward or predetermined price.Futures also adhere to a delivery date, which specifies the date of delivery and payment. Relative to other forms of investing futures are much more complex, as Futures or a futures contract represents a legal agreement to buy or sell a security or asset at a predetermined price at a specified time in the future. Of note, the parties are not known to each other.These transactions usually involve commodities or other securities involving the buying and selling for a forward or predetermined price.Futures also adhere to a delivery date, which specifies the date of delivery and payment. Relative to other forms of investing futures are much more complex, as Read this Term prices sharply to the upside.

Looking at the hourly chart above, in a post yesterday I outlined how the 50% retracement at $7.49 stalled the rally yesterday with the subsequent price moving back down toward the 38.2% retracement at $6.97. Support buyers lean against that retracement level.

In trading today, the price has been able to extend above the 50% retracement level. Sellers were forced to buy pushing the price up to a high price of $7.92.

The current price is trading at $7.88 up $0.67 cents or 9.27% on the day. The next target comes in at the $8 level where the 61.8% retracement of the move down from the June 8 cycle high is found. That level also near a swing low from June 9 and near a swing high from June 16 (see red numbered circles on the chart above). However, if flows continued to be restricted, the trend to the upside should continue.