WTI Crude Oil futures fell below $75 as speculators exited.

WTI Crude Oil futures slipped back below $75 a barrel to open the trading week, marking a sharp reversal from the start of June when prices traded north of $90. Market optimism grew as diplomatic negotiations between the U.S. and Iran continued and traffic began clearing through the Strait of Hormuz. This downward price action pulled crude volatility lower, reversing a four-month trend of elevated market volatility as tracked by the CVOL index. On the positioning side, speculators maintained their trend of liquidating net long positions-a pattern intact since mid-March-bringing spec exposure to its lowest level since early February. Todd Colvin of Mark IV Brokerage reviews the key technical reversals and shifting sentiment.