WTI Settles Above $54
The West Texas Intermediate (WTI) and Brent crude oil benchmarks edged upward Wednesday.
The WTI for March delivery settled at $54.01 per barrel Wednesday, posting a 35-cent gain. The U.S. benchmark peaked at $54.30 and bottomed out at $52.86 during the midweek session.
Delivering a relatively more robust day-on-day increase was the April Brent futures contract. The Brent rose 71 cents Wednesday to settle at $62.69 per barrel.
The front-month reformulated gasoline (RBOB) contract price also edged upward Wednesday. March RBOB picked up 3 cents to end the day at $1.46 per gallon.
March Henry Hub natural gas futures were flat Wednesday, again settling at $2.66.
“Last week in natural gas we discussed the major support seen from an uptrend line on the daily chart from last August and the market broke down through this major support level with Friday’s close continuing the bearish tone to the market,” Steve Blair, vice president and principal with Rockville Centre, N.Y.-based Rafferty Commodities Group, told Rigzone.
Blair also commented on more recent developments in the gas market, which elicit a sense of déjà vu.
“This week, so far, the market continues to move a bit lower and the next major support seen on the daily continuation chart is at the $2.616 level,” said Blair. “A break and close below would then propel the market down to the more major support at $2.532, which dates back to the March through May 2018 period. The weekly and monthly charts also show support levels around $2.524 and $2.489, respectively.”
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