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- Daily Energy Market Update August 13, 2026
Crude sold off overnight as the market focused on a surprise increase in U.S. inventories and growing concerns about weaker global oil demand. WTI fell roughly 2% to around $81.60, while Brent dropped about 1.8% to $87.40. The biggest bearish factor was the EIA’s report showing U.S. commercial crude inventories jumped 17.4 million barrels last week to 424.4 million barrels, the largest weekly increase since January 2023 and far above expectations for a 1.4 million-barrel draw.
Demand concerns also increased after both OPEC and the IEA lowered their outlooks. OPEC cut its 2026 global oil-demand growth forecast to 580,000 barrels per day, while the IEA significantly reduced its demand outlook amid the impact of higher prices and ongoing supply disruptions. The combination of rising U.S. stocks and weaker demand expectations has added pressure to crude prices.
However, the selloff has been limited by continued supply disruptions and uncertainty surrounding the Strait of Hormuz. There was no progress reported in U.S.-Iran talks, while vessel traffic through the Strait remained severely depressed. Ongoing disruptions in the Middle East and Black Sea are keeping concerns about available supply elevated. So, while the fundamental tone has turned more bearish, the geopolitical situation continues to provide support and limit the downside.
Crude (CL1)
Crude is down 1.20 at 81.51 overnight and is trading back below both the 50-day exponential moving average and the 20-day moving average (7:00am).
Momentum is now in its neutral zone but is still pointing higher, suggesting the selloff may be limited.
Key Levels
Resistance
81.89 50-day EMA
82.54 20-day moving average
Support
76.84 200-day moving average
73.80 Lower Bollinger Band
Crude (CL1)
Heating Oil (HOU6)
Heating oil is also down overnight but has bounced off its low of 4.1897 and is trading at 4.2595 at 7:05am. Despite the selloff, heating oil is still trading near its double top from the end of July and beginning of August.
Momentum has moved into overbought territory and looks to be starting to roll over. Watch for a close back under the double top for confirmation that we have seen a near-term top.
Key Levels
Resistance
4.3240 Yesterday's high
4.3834 Upper Bollinger Band
Support
4.0559 20-day moving average
3.7589 50-day EMA
Heating Oil (HOU6)
Crude Spread (CLZ6/CLZ7)
The crude spread is down .59 at 7.49 in overnight trading (7:21am). The selloff over the last two days has stopped momentum's advance higher, and now momentum is starting to roll over. With momentum near overbought and now rolling over, we may have seen a near-term top in the spread.
Key Levels
Resistance
8.88 Tuesday's high
9.59 Upper Bollinger Band
Support
7.06 20-day moving average
6.09 50-day EMA
Crude Spread (CLZ6/CLZ7)
Natural Gas Market Overview
Natural Gas (NGU26)
Natural gas is trading near unchanged at 2.7650 to start the day (7:41am). Today marks the 4th day where price has traded on the 20-day moving average as price continues to consolidate after the rally early in the week.
Momentum has moved into its neutral zone but is still pointing higher, suggesting the next leg could be higher.
Key Levels
Resistance
2.929 50-day EMA
3.704 Upper Bollinger Band
Support
2.690 Gap from Monday
2.611 Lower Bollinger Band
Natural Gas (NGU26)
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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.
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