Crude Oil Futures (Nov 2023)Updated The Wiseguy Report - WTI Crude Oil - 9/22/23
NEAR TERM:: NEUTRAL
VOLUME STRUCTURE -CLX2023
So far, for the month of September, 70% of the trading volume for the November contract has occurred between $89 & $91.75, with the highest volume around $91.
PRICE ACTION
WTI strongly rejected prices above $92 & failed to make a subsequent new high.
A FEW FUNDAMENTAL FACTORS
- Seasonal Demand Destruction (winter)
- China economy showing weakness
- Continued USD strength & therefore expensive Petrodollar
- FOMC is still slightly hawkish on interest rates, which supports a strong USD for now.
- OPEC+ Meeting :: October 5
VOLUME STRUCTURE -
CLX2023 So far, for the month of September, 70% of the trading volume for the November contract has occurred between $89 & $91.75, with the highest volume around $91.
PRICE ACTION
WTI strongly rejected prices above $92 & failed to make a subsequent new high.
A FEW FUNDAMENTAL FACTORS
- Seasonal Demand Destruction (winter)
- China economy showing weakness
- Continued USD strength & therefore expensive Petrodollar
- FOMC is still slightly hawkish on interest rates, which supports a strong USD for now.
- OPEC+ Meeting :: October 5
Note
As time has progressed, the highest volume is now at $90 for the month of September.I'm watching that failure swing closely.
Still NEUTRAL right now for the near term.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.