WTI Up 1.4 Percent But Stays Sideways
The front-month West Texas Intermediate (WTI) crude oil price settled 1.4 percent higher Tuesday but still appears stuck in a sideways drift trend.
“October WTI crude prices remain in a sideways consolidation pattern with the top between the 7100 to 7166 area and the support at the 6843 area with major support around the 6700 area,” Jerry Rafferty, president and CEO of Rockville Center, N.Y.-based Rafferty Commodities Group, Inc., told Rigzone.
The October WTI futures price gained 94 cents Tuesday to settle at $69.85 a barrel. The benchmark traded within an intraday range of $68.53 to $70.42.
“Until prices can break outside of this pattern, we look to buy and sell against our listed support and resistance numbers,” continued Rafferty. “Last week in the midst of Hurricane Florence, we recommended sticking to our strategy and made those comments in Rigzone.”
Rafferty pointed out this chart, generated by his firm, illustrates Tuesday’s price action. It also shows “the market failing to close above the resistance line at the 7100 to 7110 area,” he said.
The November Brent crude price settled at $79.03 a barrel, reflecting a 98-cent gain.
The price of a gallon of reformulated gasoline for October delivery picked up nearly three cents to settle at $2.00. The October Henry Hub natural gas price also ended the day higher, picking up 12 cents to settle at $2.93.
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Senior Editor | Rigzone