The Nymex crude oil futures market just last week hit a 14-year high of $130.50 a barrel and this week prices have dropped to $94.54 as of this writing Tuesday morning. That extreme price action has formed a bearish V-Top reversal pattern on the daily bar chart, to strongly suggest a market top is in place. The plunge in crude oil prices has also helped to pressure many other commodity markets, including the metals, grains and softs. Remember that futures markets many times factor in all the bullish or bearish news into their prices, even before that news ever fully plays out. At present, such appears to be the case with crude oil and its bullish reaction to the Russia-Ukraine war. Stay tuned! —Jim Wyckoff