Crude oil settles at $69.23 Down -$2.69 or -3.74%.
For the week, the price is down -8.46%, adding to losses of 10.4% the prior week and 6.6% the week before that.
Since peaking at $119.48, crude has now declined 42.6%, underscoring the dramatic reversal in energy prices.
Today’s low reached $68.56, putting the market within striking distance of the February 27 close of $67.28, the final trading day before the start of the Iran-U.S.-Israel conflict.
At that time, the average price of gasoline was $2.98 per gallon. According to the American Automobile Association, the current national average stands at $3.90 per gallon, highlighting that the sharp drop in crude prices has yet to be fully reflected at the pump.
Crude has moved back below its 200-day moving average, currently at $73.80. Remaining below that key long-term indicator keeps the bias tilted to the downside and suggests sellers remain in control.
The next important target for the bears is the February 27 closing level of $67.28, a break below which could open the door for an even deeper retracement.
There may be a delay at the pump but with the decline, you might think that the price at the pump would be a little closer than $0.92 of the pre-war level. That represents a big % difference.