{"id":226716,"date":"2025-07-02T12:15:00","date_gmt":"2025-07-02T16:15:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=226716"},"modified":"2025-07-03T03:36:11","modified_gmt":"2025-07-03T07:36:11","slug":"calm-before-the-storm-crude-holds-range-ahead-of-opec","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/futures\/calm-before-the-storm-crude-holds-range-ahead-of-opec\/","title":{"rendered":"Calm Before the Storm? Crude Holds Range Ahead of OPEC"},"content":{"rendered":"\n
\"CLEQ25<\/figure>\n\n\n\n

WTI Crude Oil Futures (August Futures)<\/h2>\n\n\n\n

Yesterday’s Settlement: 65.45, up +0.34 [+0.52%]   <\/p>\n\n\n\n

WTI Crude Oil futures staged a comeback from the US open through mid-morning to end the day higher.<\/p>\n\n\n\n

Oil markets turned their attention back towards the Iran-Israel conflict as traders wondered whether Iran’s inventories of near-bomb-grade uranium have been depleted, and focused on whether or not Iran will cut off communication with key United Nations officials. There is speculation that if this happens, it could trigger another wave of US strikes.    <\/p>\n\n\n\n

Today, futures are higher by +0.42 [+0.63%] to 65.87<\/strong><\/p>\n\n\n\n

Futures are trading higher in the face of a stronger dollar and a continuation of rising yields this morning. <\/p>\n\n\n\n

Goldman Sachs put out a note ahead of the OPEC decision, saying they didn’t expect much of a price reaction as the accelerated cuts have been priced in. This echoes our sentiment from last Friday when futures dropped on the first Bloomberg report about “outsized OPEC hikes”.<\/p>\n\n\n\n

Futures are waiting on key jobs data and volatility is fairly muted this morning across sectors.<\/p>\n\n\n\n

Data Releases:<\/strong><\/h2>\n\n\n\n

Last night’s API was as follows [thousand bbls]:<\/p>\n\n\n\n