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- Daily Energy Market Update November 13, 2026
Crude is slightly lower this morning, holding most of yesterday’s gains but is still on track for it’s second weekly loss. From the high on October 30th crude is down over 15% at the current level (88.63).
Oil started Thursday lower, down about $1 in Asian trading, on signs that Gulf exports are holding up. Saudi Arabia told OPEC its October production rose 26%, and Iraq reported a new wartime high. Prices turned higher after Trump posted on Truth Social: “We don’t need a deal with Iran. Those days have long since passed. We’ve got their money, hundreds of billions of dollars, and we’ve got their strait!” It marked a shift from recent diplomatic efforts, and Iran’s Mohsen Rezaee said Tehran won’t remove “a single atom” of enriched nuclear material from the country.
Headlines out of the Middle East also supported prices yesterday afternoon, and none have been independently confirmed. The Houthis claimed a drone strike on a pumping station on Saudi Arabia’s East-West pipeline and a ballistic missile strike on oil facilities in Yanbu. Saudi Arabia hasn’t responded. The Saudi-led coalition said it intercepted two drones, one near Riyadh and one in the Eastern Province, but didn’t address the pipeline or Yanbu claims. Iran’s army also said two more tankers hit mines in the eastern Strait of Hormuz on Thursday afternoon after ignoring warnings. Reuters couldn’t verify Iran’s account.
The EIA report was bearish. Crude stocks rose 4.7 million barrels to 414.4 million, against an expected 1.1 million barrel draw, and it was the largest build since early August. Gasoline rose 1.8 million and distillates rose 4.1 million. Oil briefly pared gains on the report before resuming its climb.
Crude (CLZ6)
Crude printed a bullish engulfing pattern yesterday and is holding on to most of its gains this morning. It has been range bound since last week’s sharp selloff, contained between the 50-day moving average (92.62) and the 100-day moving average (84.53).
Momentum turned higher in oversold territory yesterday and continues to point higher.
Key Levels
Resistance
91.94 38.2% Fibonacci (October high to Tuesday’s low)
92.62 50-day moving average
94.44 50% Fibonacci
95.24 20-day moving average
Support
85.13 Yesterday’s bullish reversal bar low
84.53 100-day moving average
83.02 lower Bollinger Band
Crude (CLZ6)
Heating Oil (HOZ6)
Heating oil is trading higher overnight and is near its high coming into the US open (7:00am), at 4.3228. Today marks the third consecutive higher low, and it puts heating oil right at the first Fibonacci retracement level (38.2%, 4.3247). A break above it opens the door for a test of the 50% Fibonacci at 4.4266. If resistance holds here, heating oil can retest the weekly low at 3.9947.
Momentum crossed up yesterday and is starting to move out of oversold territory.
Key Levels
Resistance
4.3247 38.2% Fibonacci (October 26 high to Tuesday’s low)
4.4266 50% Fibonacci
4.5000 area where the 20-day and 50-day moving averages align, near the 61.8% Fibonacci
Support
4.0683 lower Bollinger Band
4.0582 100-day moving average
3.9947 Tuesday’s low
Heating Oil (HOZ6)
BrentWTI Jan
The arb is trading lower coming into the US open (7:15am). It broke through its first support level (-8.20), which held yesterday. Today marks the third consecutive lower high.
Momentum crossed down yesterday while in overbought territory. It’s starting to move out of overbought but has room to go before reaching a neutral level.
Key Levels
Resistance
-7.19 100-day moving average and upper Bollinger Band
-7.11 Yesterday’s high
Support
-8.89 50% Fibonacci and 50-day moving average
-9.35 20-day moving average
-9.59 61.8% Fibonacci
BrentWTI Jan
Natural Gas (NGZ6)
Natural gas is trading lower heading into the US open (7:50 am) but is contained within yesterday’s range. It’s trading back below the resistance level at 3.338 (61.8% Fibonacci), which will be important to watch on a closing basis. A clean break above opens the door for a test of the upper Bollinger Band (3.424) and then the 100-day moving average (3.510). If resistance holds, nat gas can resume its broader move lower, with first support coming in at 3.180 (38.2% Fibonacci).
Momentum is starting to cross down in overbought territory.
Key Levels
Resistance
3.338 61.8% Fibonacci
3.424 upper Bollinger Band
3.510 100-day moving average
Support
3.180 38.2% Fibonacci
3.114 50% Fibonacci
3.100 20-day moving average
3.047 61.8% Fibonacci
Natural Gas (NGZ6)
Mark Schaefer — LinkedIn
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