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- Daily Energy Market Update August 31, 2026
Crude is higher this morning after renewed U.S.-Iran military activity over the weekend pushed oil prices higher. WTI is up over 3% overnight, while Brent moved back above $90/bbl as markets reacted to the latest escalation.
The move has lifted the broader energy complex, with heating oil and crude spreads also trading higher. Global equity markets are softer, while energy remains one of the stronger areas as traders assess the potential for further escalation and its impact on energy markets.
For today, the focus will remain on developments between the U.S. and Iran, with geopolitical headlines likely to continue driving near-term price action across the energy complex.
Crude (CL1)
Crude is up 2.81 overnight, trading near 86.15 after renewed tensions with Iran pushed prices higher. The overnight high tested the key 100-day moving average at 86.90 and stalled, but price remains close to the highs, showing buyers are still holding control.
Momentum had crossed over to the downside late last week, just below the overbought zone. However, with geopolitical tensions escalating, technical signals will likely take more of a back seat in the near term. The key focus is whether crude can break and hold above the 100-day moving average.
Key Levels
Resistance
- 86.91 100-day moving average
- 89.50 Upper Bollinger Band
- 93.50 High from end of July
Support
- 82.58 20-day moving average
- 79.49 50-day moving average
- 78.45 200-day moving average
Crude (CL1)
Heating Oil (HOV6)
Heating oil gapped higher overnight and is trading near 4.3622 as of 7:15 a.m. Price is holding near the overnight highs as renewed tensions with Iran continue to support the broader energy complex and crude prices.
Momentum is in overbought territory and had crossed lower, signaling some potential for a pullback. However, with geopolitical tensions escalating, the technical picture is likely to take more of a back seat. The key focus will be whether price can push through the overnight high and continue higher.
Key Levels
Resistance
4.4400 August 21st high
4.5580 Upper Bollinger Band
Support
4.1315 20-day moving average
3.9696 Last week's reversal bar low
3.7711 50-day moving average
Heating Oil (HOV6)
Crude Spread (CLZ6/CLZ7)
The spread is up 1.44 at 10.88 as of 7:25 a.m. in overnight trading. Price took out the double top from 8/21 and is holding above that level for now, keeping the near-term setup constructive.
Momentum also crossed down from overbought territory at the end of last week, which could point to some consolidation. For now, the breakout above 10.84 is the key level to hold.
Key Levels
Resistance
- 11.98 Upper Bollinger Band
Support
- 10.84 Double top that broke this morning
- 8.32 20-day moving average
- 6.60 100-day moving average
Crude Spread (CLZ6/CLZ7)
Natural Gas Market Overview
Natural Gas (NGV26)
Nat Gas is up 0.037 at 2.924 from overnight trading. Price held the key levels flagged last week as support and is now retesting the key pivot at 2.923, the 50-day moving average. A close back above 2.923 would open the door for the rally to continue toward the 100-day moving average at 3.062.
Momentum is still pointing higher but is approaching overbought territory, which could limit the upside if price begins to stall around resistance.
Key Levels
Resistance
- 2.938 Upper Bollinger Band
- 2.990 Last week's high
- 3.062 100-day moving average
Support
- 2.808 20-day moving average
- 2.793 61.8% Fib
- 2.679 Lower Bollinger Band
Natural Gas (NGV26)
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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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