On July 23, 2023 it was noted that crude oil was under accumulation. Additional futures trading data from crude oil and related natural gas market calculations indicate crude oil is in a long term accumulation period. Crude oil is also in a similar position to where it was in November 2016. Note that as of 12:00 p.m. on December 6, 2023 WTIC dropped below 69.50 and fell within the accumulation channel noted below.
Stock charts courtesy of StockCharts.com.
