This report is provided by MacroTerms.com

Data as of: 2026-10-26 · Settlement: Exchange final daily settlement

WTI Crude (CL=F) Deep Dive | Bearish Bias | 2026-10-27

Bearish bias below 100. Prices have broken below the NEXT-session pivot support S1 100.01 and the 20-day low 86.86, with the 5-day decline accelerating to -2.32%. Intraday Asia trade at 101.39 remains above the invalidation level but momentum is bearish; a daily close below 100 invalidates the near-term bullish thesis. EIA stocks are -3.3% vs 5-year average, rigs are rising, and COT net positioning is at 1.97% (3-year 11.6%ile), indicating light managed‑money exposure. The cross‑asset oil/gold ratio 0.0251 sits at a 1‑year 99.6%ile, reflecting rich gold vs crude, but backwardation slope -2.34 supports short‑term carry. Invalidation: a daily close above 102.01.