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- Daily Energy Market Update June 4, 2026
June 10, 2026
Liquidity’s Daily Market Overview
Energy Market Update
Energy markets are softer this morning as traders continue to weigh ceasefire headlines and ongoing U.S.-Iran negotiations. While reports suggest progress toward a diplomatic resolution, no formal agreement has been reached and uncertainty surrounding Middle East energy flows remains.
Crude oil is pulling back after recent gains despite another sizeable draw in U.S. crude inventories. Market participants continue to monitor developments surrounding the Strait of Hormuz and the potential impact on global crude and product supplies.
Refined products remained firm, with heating oil and gasoil markets outperforming crude oil. Gasoline markets were comparatively weaker.
Natural gas trading was relatively quiet overnight. European gas prices eased modestly while traders continued to monitor LNG shipping activity and developments in the Middle East.
Crude (CLN6)
Crude oil is opening the U.S. session down 3.18 at 92.86. Yesterday marked the first close above the 20-day moving average in more than a week but this morning we are back below again.
Momentum indicators are moving out of oversold territory as the market tests support, suggesting a potential consolidation phase.
Key Resistance Levels
95.78 – 50% Fibonacci retracement of the decline from the May 18 high to last week's low
98.01 – 61.8% Fibonacci retracement
104.41 – Upper Bollinger Band
Key Support Levels
91.62 – 50% Fibonacci retracement
90.35 – 61.8% Fibonacci retracement
Crude (CLN6)
Heating Oil (HON6):
Heating oil opened the session lower at 3.7296. Selling picked up on the US open after a quiet overnight session. The range so far is still within yesterday’s range. Yesterday marked the first close above the 20-day moving average in more than a week, but has moved back below it this morning.
Momentum indicators have moved out of oversold territory and are pointing higher suggesting that dips may find support.
Key Resistance Levels
4.0685 – Upper Bollinger Band
4.0791 – Double top from May 19 and May 20
Key Support Levels
3.4540 – Lower Bollinger Band
A move through the 4.0685–4.0791 resistance zone would signal a continuation of the recovery rally, and potentially open the door for a retest of the May highs.
Heating Oil (HON6)
Crude Spread (CLZ6/CLZ7)
The spread is opening the U.S. session lower, down 0.64 at 7.34. Yesterday, the spread briefly traded above the 20-day moving average at 8.08 before stalling at 8.37, which aligns with both the 50% Fibonacci retracement and double-top resistance.
Momentum indicators have crossed higher from oversold territory and continue to improve, suggesting that pullbacks may find support.
Key Resistance Levels
8.08 – 20-day moving average
8.37 – Double-top resistance and 50% Fibonacci retracement
9.01 – 61.8% Fibonacci retracement
Key Support Levels
7.15 – 50% Fibonacci retracement
6.86 – 61.8% Fibonacci retracement
The 8.08–8.37 zone remains the key area to watch. A sustained move above the 20-day moving average and a breakout through the double-top resistance would strengthen the bullish case and target the 9.01 Fibonacci level.
Crude Spread (CLZ6/CLZ7)
Natural Gas Market Overview
Natural Gas (NGN6)
Natural gas is opening the U.S. session up 0.05 at 3.26. Monday’s bearish engulfing pattern remains intact and would only be negated by a close above the reversal-bar high at 3.39.
Momentum indicators have eased back to neutral territory and continue to point lower, suggesting upside momentum has slowed following the recent rally. While the broader trend remains supported above key levels, the market may continue to consolidate after the recent move.
Key Resistance Levels
3.32 – Upper Bollinger Band
3.39 – Monday's reversal bar high
Key Support Levels
3.14 – 20-day moving average
2.97 – Late-May low
2.95 – Lower Bollinger Band
The market remains caught between resistance at the upper Bollinger Band and support at the 20-day moving average. A move above 3.39 would invalidate Monday's bearish reversal and shift the focus back to the upside. Until then, the bearish engulfing pattern remains in play, with momentum favoring a period of consolidation or a test of support levels near 3.14.
Natural Gas (NGN6)
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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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