Nearby NYMEX crude oil futures prices fell to $63.57 in May. The energy commodity reached a bottom after falling steadily from the March 2022 $130.50 peak, the highest price since 2008. Sales from the U.S. Strategic Petroleum Reserve and Chinese economic weakness contributed to the 51.2% decline.
In a September 8 Barchart article, I highlighted the bullish trend that had crude oil “steaming toward triple digits.” On September 8, the nearby NYMEX futures contract was at the $87.39 per barrel level. The price had increased over the past month, probing above $95 per barrel before pulling back.
