Daily Energy Market Update June 9, 2026

Liquidity’s Daily Market Overview

Energy Market Update

Crude oil prices moved lower overnight as traders continued to unwind some of the geopolitical risk premium that was built into the market following the recent escalation between Israel and Iran. The decline came after President Trump indicated that discussions with Tehran were progressing and suggested a broader agreement could be reached within days.

The market was also encouraged by reports that both Israel and Iran have paused direct military operations for now, reducing immediate fears of a wider regional conflict. As a result, WTI crude fell back below $90 per barrel while Brent crude slipped under $93 per barrel.

Despite the pullback, traders remain cautious. A formal agreement has yet to be reached, and uncertainty surrounding Middle East supply flows continues to support prices well above pre-conflict levels. The market will remain highly sensitive to headlines regarding negotiations with Iran, any changes in U.S. policy actions, and signs of renewed military activity in the region.

For now, the easing of immediate geopolitical tensions has shifted the focus toward technical support levels, but volatility is likely to remain elevated as traders assess whether the recent de-escalation develops into a more durable agreement.

Crude (CLN6)

Crude oil is opening the U.S. session lower by 2.20 points at 89.11. Yesterday's bearish reversal pattern has been confirmed by today's follow-through selling, with prices now trading below last week's lowest closing level of 90.54.

Momentum is rolling back toward oversold territory after recovering from oversold conditions on June 4, suggesting that downside pressure is re-emerging.

Key Levels

Resistance

• 95.71 – 50% Fibonacci retracement (May 18 high to May 29 low)

• 97.95 – 61.8% Fibonacci retracement

• 104.50 – Upper Bollinger Band

• 105.21 – May 18 high

Support

• 86.35 – Last week's low

• 85.26 – Lower Bollinger Band

  

  Crude (CLN6)

   

Heating Oil (HON6):

Heating oil is opening the U.S. session lower at 3.5565. Yesterday's bearish reversal candle is being confirmed by follow-through selling this morning, with prices falling below 3.5874, the lowest closing price in more than a week.

Momentum indicators are beginning to turn back toward oversold territory after recovering from oversold conditions on June 4, suggesting that downside pressure is once again building.

Key Levels

Resistance

• 3.7629 – 50% Fibonacci retracement

• 3.8375 – 61.8% Fibonacci retracement

• 3.8802 – Last week's high

Support

• 3.4466 – May 27 low

• 3.4055 – Lower Bollinger Band

  

  Heating Oil (HON6)

   

Crude Spread (CLZ6/CLZ7)

The crude oil spread is down 0.46 to begin the U.S. session at 6.88. Prices remain within their two-week trading range, continuing to consolidate between the 20-day moving average and the lower Bollinger Band.

Momentum has moved back into oversold territory, suggesting the spread could continue to weaken toward lower Bollinger Band support at 5.58.

Key Levels

Resistance

• 8.03 – 20-day moving average

• 8.40 – Double top and 50% Fibonacci retracement

• 10.48 – Upper Bollinger Band

Support

• 5.91 – May 27 low

• 5.58 – Lower Bollinger Band 

  

  Crude Spread (CLZ6/CLZ7)

   

Natural Gas Market Overview

Natural Gas (NGN6)

Natural gas is down 0.03 to begin the U.S. session and is currently trading near its 20-day moving average at 3.17. Momentum remains neutral and is not currently signaling a directional bias, suggesting the market may continue to consolidate in the near term.

Key Levels

Resistance

• 3.16 – 20-day moving average

• 3.34 – Upper Bollinger Band

• 3.39 – June 1 reversal bar high

Support

• 2.98 – Lower Bollinger Band

• 2.97 – May 27 low

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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