November WTI Crude Oil Futures Test The $75.00 Level

WTI crude oil has opened October on the bull, rallying more than $1.25 on heavy volumes. For November WTI crude oil futures, 410,000 contracts have already changed hands thus far in the session. The result has been price running to the key level of $75.00.

Over the weekend, the team at FX Leaders issued a few updates addressing the concept of $100 WTI crude. If you missed them, feel free to check them out here and here.

The question of $100 crude is gaining more and more attention as we roll toward the close of 2018. Limited production, robust economic growth, and a rallying USD are the primary arguments of those out there calling for $100 crude. But, will it really happen? As always, only time will tell.

November WTI Crude Oil

Today’s bullish break has been a strong one. Participation has spiked above September’s high ($73.73), with November WTI crude posting a hard test of $75.00.

Overview: In the weekend update, I stated that $75.00 is going to be a hot number in global WTI pricing. We have certainly witnessed that action today. At press time, price is hovering near $75.00. Look for extreme two-way volatility in this area as institutional players reevaluate their long-term positions.

Today’s session close is important for WTI crude. It is very possible that we see a weekly or even monthly high posted in the vicinity of $75.00. If short-term traders exhaust price action near these levels, then the table may be set for institutional money to take a side later in the week.

It is going to be great five sessions on the oil markets. Be sure to have the USD/CAD and WTI crude on your list of “ones to watch” as the week unfolds.

ABOUT THE AUTHOR See More

Shain Vernier

US Analyst

Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.

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