Down $0.44 or -3.44%
The price of June crude oil futures are settling at $12.34, down -$0.44 or -3.44% on the day. The high reached $13.69. The low was down at $10.07.
The July contract settled at $17.60, down -$0.48.
USO announced on Monday, that it would liquidate all June WTI exposure that has put pressure on the that contract.
The July contract continues to trade at a higher level on investor hopes for higher levels out the curve. However, that is certainly not a guarantee.
Later today, the market will be focused on the private API data with estimates calling for crude oil stocks to show a build of 10.6M, gasoline up 2.5M, and distilates up 3.6M.
Looking at the July contract below, the price low from last week reached $17.29. The low today reached $17.27 (currently at $17.65 as I type). The contract remains well below the 100 hour MA at $20.45 and has been below since April 14. A topside trend line (moving lower) comes in at $18.71.
