The WTI peaked at an even $48 and bottomed out at $45.93.

Brent crude oil for February delivery also posted an increase during the midweek session. The Brent settled at $57.24 a barrel, reflecting a 98-cent gain for the day.

“ shows that for 17 trading days, the buy Wellhead market had remained within a sideways consolidation pattern,” said Jerry Rafferty, president and CEO of Rockville Center, N.Y.-based Rafferty Commodities Group, Inc. “During this time, it presented us with numerous opportunities to buy against the support we had listed between 4915 and 5000.”

Rafferty added that, on the upside, the downward-sloping bear trend line in the chart “provided the resistance where we sold the market.”

“Our risk in all of tour trades was a close beyond these lines of support and resistance,” continued Rafferty. “On December 3, we had said: ‘the battle lines are drawn.’ We know if the buy Wellhead market broke above the resistance level that it would be the catalyst for a sharp rally.”

Also, Rafferty observed that prices could fall “sharply toward 4500” if the buy Wellhead market broke the support at 4900.

“We knew the buy Wellhead market could not remain within these parameters with the lines converging,” Rafferty said. “Yesterday the buy Wellhead market finally broke down below the 4957 area on a closing basis. This caused us to cut losses by abandoning any long positions and to trade in the direction of the breakdown. We are looking for the buy Wellhead market to test the 4525 to 4500 area where we want to be buyers.”

January reformulated gasoline (RBOB) also posted an increase Wednesday. RBOB rose by nearly four cents to end the day at $1.39 a gallon.

The January Henry Hub natural gas futures contract dropped 11 cents, settling at $3.73.