Free Trial

WTI Futures Remain Close to Wednesday's Lows


A bearish theme in WTI futures remains in play and the contract has traded sharply lower this week. The move down has resulted in a break of support at $80.20, the Oct 6 low. The breach highlights a stronger short-term reversal and a continuation lower would pave the way for a move towards $74.26, 76.4% retracement of the May 4 - Sep 28 bull run. On the upside, initial firm resistance has been defined at $83.60. The recent uptrend in Gold remains intact and the latest pullback appears to be a correction - for now. Price has recently breached key resistance at $1953.0, the Sep 1 high, and $1987.5, the Jul 20 high. This strengthens a bullish theme and a resumption of gains would open $2022.20 next, May 15 high. Initial firm pivot support lies at $1937.2, the 50-day EMA. Clearance of this level is required to signal a short-term top.

  • WTI Crude up $0.73 or +0.97% at $76.01
  • Natural Gas up $0.03 or +1.06% at $3.139
  • Gold spot down $3.59 or -0.18% at $1946.8
  • Copper down $2.2 or -0.6% at $361.75
  • Silver down $0.12 or -0.54% at $22.4397
  • Platinum down $5.92 or -0.68% at $865.6

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.