Every time oil hits $83 and fades, the importance of that level grows.

The WTI crude oil
Crude Oil
Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk,
Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk,
 Read this Term market has been knocking on the door of that level all week long but was once again beaten back today in a quick fall to $80.22.

Just yesterday the oil market finally tilted into backwardation
Backwardation
In the commodity market, “backwardation” refers to a market condition where the spot price of a commodity is higher than the price of the same commodity for future delivery. This typically occurs when there is a strong demand for immediate delivery of a commodity, but less demand for delivery at a later date. As a result, the price for immediate delivery is higher than the price for future delivery, creating a “backwardated” market. This is the opposite of “contango,” which is a market condition
In the commodity market, “backwardation” refers to a market condition where the spot price of a commodity is higher than the price of the same commodity for future delivery. This typically occurs when there is a strong demand for immediate delivery of a commodity, but less demand for delivery at a later date. As a result, the price for immediate delivery is higher than the price for future delivery, creating a “backwardated” market. This is the opposite of “contango,” which is a market condition
 Read this Term again and that gave the bulls a reason to buy but $83 is putting up a stiff fight. Perhaps oil companies are starting to hedge, given what’s happened in the natural gas market.