The price of WTI crude oil futures are settling at $114.67. That’s down $0.40 or -0.35%.
The high price reached $119.98. The low price extended to $114.15. The move to the upside earlier today was propelled by the EU announcement that they would embargo Russian oil by the end of the year (with some caveats). However the gains were later paired on reports that some OPEC members were working toward the idea of suspending Russia’s participation in oil production deal. Exempting Russia from OPEC+ would allow other producers to pump significantly more crude.
Looking at the hourly chart, the rotation back to the downside has seen the price move back toward the its rising 100 hour moving average at $114.44. A move below that moving average level would next target the 38.2% retracement at $113.57, followed by the rising 200 hour moving average at $112.03.
The move to the upside today traded at the highest level since March 9, 2022.
Natural gas prices also moved lower today. The price is currently trading at $8.16 down $0.51 or -5.96%. The high price last week reached $9.43. The price is still up 121% from the end of year level of $3.70.