WTI crude oil futures opened with a 3.23% gap lower on June 22, settling at $75.56 a barrel. The session ranged from $74.98 to $78.14 with volume of 116,767 contracts as traders positioned ahead of inventory data.
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WTI crude gaps down 3.23% to close at $75.56 a barrel
WTI crude oil futures opened with a 3.23% gap lower on June 22, sliding from $78.00 to settle at $75.56 a barrel as traders weighed supply-demand dynamics.
"The gap lower reflects positioning adjustments ahead of inventory data, with the market pricing in a potential build," said Omar Tariq, energy analyst at Edgen.
The session saw crude trade between a high of $78.14 and a low of $74.98, with volume reaching 116,767 contracts. The opening gap of 3.23% marks one of the largest single-session dislocations for the benchmark in recent weeks, with the close at $75.56 representing a $2.44 decline from the open. The wide trading range of more than $3 a barrel signaled heightened volatility, as the low of $74.98 tested levels not seen in recent sessions.
The move comes as the market awaits the next EIA weekly inventory report, which will provide the latest snapshot of U.S. crude stockpiles. Traders are also monitoring OPEC production levels and demand signals from the broader economy. A sustained break below $75 could open the path toward the $72-$73 support zone, while a rebound above $78 would signal renewed buying interest.
This article is for informational purposes only and does not constitute investment advice.
