It may be difficult to believe, but WTI crude oil has been stuck in a range for the past 22 trading sessions without catapulting above $70.06 and without collapsing below $66.32. As of the close, 2:30pm EST, WTI crude oil settled down $0.16 to $67.04/bbl. Even with all the headlines of Iran sanctions, global economic outlook darkening, U.S. Dollar rallying, emerging market contagion, (Turkish Lira plunging to a record low vs U.S. Dollar), Chinese economy slowing down?, trade war fears across the globe, and the continuation of the Venezuelan humanitarian nightmare, WTI for September delivery is only down 1% from 21 days ago. In between that trading frame, we had multiple 5% selloffs, a 6% three day rally, a couple of unch’ds (unchanged on the day) and a whole lot of uncertainty.
Market participants continue to sit on pins and needles until one of the, potentially, major market moving indicator, of the November 4th Iranian oil sanctions fall into place, and the real possibility of 1.5mil to 2mil barrels of crude oil coming off the market. Most likely, only then, will we have a clearer picture of which direction this current “stuck in the middle” market will head next. So, for now, we continue to digest the week to week petroleum status reports disseminated by the DOE. WTI certainly doesn't have "clowns the left of it, or jokers to right", but WTI is certainly "Stuck in the middle" for now.