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- Daily Energy Market Update April 7,2026
April 7, 2026
WTI is up $2.95 at $115.36 RB is up 3.95 cents at $3.3477 ULSD is up 15.62 cents at $4.4846
Liquidity’s Daily Market Overview
Energy prices are up as President Trumps' deadline for attacking Iran looms. Additionally, news reports have surfaced today of explosions being heard on Iran's key oil installation of Kharg island, as per the Iranian news agency Mehr, as reported by Bloomberg and Reuters.
Iran’s critical oil hub, Kharg Island, came under attack on Tuesday, according to Iranian outlet Mehr News, marking a major escalation in the ongoing conflict between United States and Iran. Kharg Island is responsible for handling nearly 90% of Iran’s oil exports. (HindustanTimes) Axios is reporting that that the US conducted strikes against military targets on the island. (Bloomberg) Additionally, attacks today on transmission lines are said to have disrupted electricity supply to a suburb near Tehran. ( Reuters)
President Donald Trump has threatened to bomb all of Iran’s power plants and bridges if the country does not reopen the Strait of Hormuz by 8 p.m. ET today. All of Iran could be "taken out in one night," he warned, brushing off concerns about possible war crimes. (CNN)
Monday saw energy prices rally as Iran is said to have rejected the Pakistani ceasefire proposal. Iran's Revolutionary Guard warned it would “deprive the U.S and its allies of the region’s oil and gas for years” if Trump follows through with his threats. (NBC News)
Saudi Arabia raised its OSP's for May crude oil loadings to all regions by quite a lot. Prices have been set at record levels. The OSP's to Asia for all crude grades were raised by $17.00. The premium for the flagship A-Light crude to Asia was set at $19.50. That price, though, is well below those that were forecast a few days ago. The belief then was that the premiums would possibly rise to $22.50 to $40.50 a barrel above the average of Dubai and Oman quotes, six sources said in the survey, $20 to $38 a barrel higher than the OSP for April. Saudi Arabia raised their OSP's for May crude loadings to the Med and NW Europe by $25 across the board. Prices to the US rose by $10.
The Basra Oil company's manager said that Iraq could restore oil exports to 3.4 MMBPD within a week if Hormuz traffic resumes. (Reuters)
The average retail price for gasoline and diesel has risen further today, as per AAA data. The gasoline price of $4.140 today at the pump is up 2.1 cents from yesterday and up $1.158 from February 27. Diesel costs $5.646, which is up 2.8 cents from Monday and up $1.889 since February 27.
ING says that "Money managers increased net longs in ICE Brent by 22,728 lots to 429,853 lots as of last Tuesday, marking the most bullish positioning since October 2018."
Energy Market Technicals
Basis the DC chart, WTI momentum looks to be cresting. The momentum for the products basis their DC charts remains negative due to the premium in prices that was lost with the April contract expirations.
May WTI has risen today to a fresh contract high. Today's high is 116.56--almost testing resistance at 116.77 from April 2026 contract data. Above that the April contract's high from March 9 of 119.48 is resistance. Support for the spot WTI futures lies at $110.64-110.77 and then at 108.89-108.92 from the May 60 minute chart. WTI is testing the DC chart's upper bollinger today; that band lies at the $113.50 area.
May RB sees support at 3.2693-3.2701 and then at 3.2240-3.2263. Resistance comes in at 3.3990-3.3996 from a double top on the DC chart from the expiration of the April contract. The May contract high is 3.3854.
May ULSD sees support at 4.4500 and then at 4.3651-4.3668. The low overnight is below that at 4.3528. Resistance comes in at 4.5559-4.5563 and then at the overnight high at 4.5841-4.5874.
For the 3rd day in a row, the spot Gasoil futures are testing the DC chart's upper bollinger band. That band lies currently at the $1562.75 area. The high of last Thursday is 1587.50. There is a double top from yesterday/today below the high from Thursday. The double top lies at 1575.00 / 1576.75. Support lies below at 1474.00-1475.25.
Natural Gas Market Overview
Natural Gas--NG is up 2.9 cents at $2.840
NG prices are higher now after overnight making a fresh spot futures low since August 27, 2025. One word being used to describe NG prices is "range bound". The market is trying to balance the global disruption and strong energy pricing from the Iran conflict with the US showing strong production and fading heating demand, as per NGI commentary. Monday saw NG spot futures settle a little higher on the back of a brief cold snap through the Ohio Valley and eastern U.S., as well on the back of the strong energy complex, as per Bloomberg reporting.
Today, LNG feedgas volume has fallen by 1.04 BCF/d to 17.72 BCF/d due to drops in volumes at Sabine Pass, Freeport and Plaquemines. (Market News)
Market News is reporting that US NG production yesterday stood at 113.4 BCF/d, versus the 30 day average of 112.0 BCF/d.
US heating demand for the week ending April 11 is forecast to be 23 heating degree days (HDD) below the long-term normal, according to the NOAA. Over the next two weeks, much of the Lower 48 will see unseasonably mild temperatures, as per Celsius Energy commentary.
NGI, though, says that natural gas cash prices were supported Monday by a cold shot across the country’s northern portion and record LNG feed gas flows. NGI’s Spot Gas National Average price rose by 18.5 cents to $1.665/MMBtu.
The EIA gas storage data for this week is forecast to shows a build of 42 to 44.9 BCF, as per early estimates. This compares to last year's build of 53 BCF and the 5 year average build of 13 BCF.
Technically the NG spot futures have momentum that is oversold basis the DC chart. The pattern, though, of the past 6 sessions has a stepladder down look. Support at 2.772-2.775 was pierced with the overnight low of 2.756. below that support is seen at 2.721-2.724. resistance comes in at 2.943-2.944.
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Disclaimer
This article and its contents are provided for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any commodity, futures contract, option contract, or other transaction. Although any statements of fact have been obtained from and are based on sources that the Firm believes to be reliable, we do not guarantee their accuracy, and any such information may be incomplete or condensed.
Commodity trading involves risks, and you should fully understand those risks prior to trading. Liquidity Energy LLC and its affiliates assume no liability for the use of any information contained herein. Neither the information nor any opinion expressed shall be construed as an offer to buy or sell any futures or options on futures contracts. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to its accuracy. Any opinions expressed herein are subject to change without notice, are that of the individual, and not necessarily the opinion of Liquidity Energy LLC
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