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Crude oil moved down to the 61.8% retracement
The price of WTI crude futures is settling at $76.34. That’s down $2.15 or -2.74%.
The low price reached $75.32. High price was at $70.50.
For the trading week the price is down about -3.9%. At the week high of $80.60, the price was up $0.90 versus the close from last Friday. At the week low of $75.32 reached today, the price is down $-4.40. The current price for the week is down around $3.05.
Looking at the hourly chart, the load today stalled near the 61.8% retracement of the February trading range before bouncing back to the upside in settling near the the 50% midpoint of the month trading range at $76.44. Earlier today, the price fell below the 200 hour moving average (green line in the chart above) and that open the door for further selling pressure.
Meanwhile, natural gas consolidated for most of the week before moving to a new low going back to September 2020. The low price today reached $2.20 that took out the December 28, 2020 low at $2.238. The current prices just above those levels at $2.278. The high for natural gas reached in August 2022 peaked at $10.028.
Natural gas felt toward the December 2020 low