February 2, 2023

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WTI crude oil futures trade back below $64, and bounces

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Price trades down to $63.95

The price of WTI crude oil futures dipped below the $64 level to a new low of $63.95. The high for the day reached $65.75.over the price has rebounded and currently trades at $64.50. That still down around $0.40 or -0.62%

The big news in the oil sector is the ransomware cyber attack on the Colonial pipeline over the weekend. The pipeline operators have not said that when they will reopen, but expectations are that the situation will be resolved soon. The cyber attackers have issued a statement this morning which is curious saying:

“We are apolitical, we do not participate in geopolitics, do not need to tie us with a defined government, and look for other motives. Our goal is to make money, and not creating problems for society.  From today we introduce moderation and check each company that our partners want too encrypt to avoid social consequences in the future.” 

The pipeline carries nearly half of the fuel supplies for the East Coast.  Pres. Biden declared state of emergency over the weekend, and has allowed trucks to transport oil, and has also eased the restrictions on driving time limits for truck drivers.  

The price of gasoline rose by 4.2% early on Monday, but the impact on spot crude is not anticipating much of a supply disruption – at least for now. Technically, the price has moved down to test the Friday low at the $63.95 area.  On the top side the 200 hour moving average currently comes in at $64.75.  It would take a move back above that moving average to tilt the bias back to the upside

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