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Supply Disruption in Oil Causes Backwardation in Markets PLUS: July KC Wheat, NEW PODCAST and DAILY BRIEFIING, Levels, Reports; Your 5 Important Can’t Miss Need-To-Knows for Trading Futures on April 24th, 2026

Posted on April 23, 2026 by Cannon Operations

At A Glance Levels

Instrument	S2	S1	Pivot	R1	R2
Gold (GC) — June (#GC)	4702.90	4730.40	4760.60	4788.10	4818.30
Silver (SI) — May. (#SI)	75.66	76.71	77.67	78.73	79.69
Crude Oil (CL) — June. (#CL)	85.21	88.86	91.30	94.95	97.39
June Bonds (ZB) — June. (#ZB)	113 18/32	113 25/32	114 7/32	114 14/32	114 28/32

Supply Disruption in Oil, Market in Backwardation

By Erik Norland Chief Economist, CME Group

Crude oil prices are in a steep backwardation amid the Middle East conflict.
WTI Oil for December delivery was as much as $40/barrel lower than May and June contracts.
Since 1985, the oil market has been in backwardation 58% of the time and in contango 42% of the time.
Backwardation tends to happen in situations where the oil market is undersupplied.

➜ ➜ Read article

July KC Wheat

July KC Wheat has resumed its rally into a new high for the move as it challenges the 2025 high. At this point, if the chart can sustain new highs, we are left with the low percentage fourth PriceCount objective to aim for in the 7.51 area.

The PriceCount study is a tool that can help to project the distance of a move in price. The counts are not intended to be an ‘exact’ science but rather offer a target area for the four objectives which are based off the first leg of a move with each subsequent count having a smaller percentage of being achieved.

It is normal for the chart to react by correcting or consolidating at an objective and then either resuming its move or reversing trend. Best utilized in conjunction with other technical tools, PriceCounts offer one more way to analyze charts and help to manage your positions and risk.

Learn more at www.qtchartoftheday.com

Trading in futures, options, securities, derivatives or OTC products entails significant risks which must be understood prior to trading and may not be appropriate for all investors. Past performance of actual trades or strategies is not necessarily indicative of future results.

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