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- Daily Energy Market Update September 1, 2026
Oil is starting the morning with a strong bullish tone, with the move increasingly being confirmed by the curve rather than just outright prices. Brent and WTI have both pushed above their 100-day moving averages, while prompt spreads have strengthened sharply, pointing to a growing premium for near-term barrels.
Renewed US-Iran hostilities and fresh attacks on tankers have put physical supply risk back at the center of the trade. The market had been seeing some normalization in flows, but the latest incidents raise the risk of another deterioration and are already showing up in the forward structure.
Products are also reinforcing the move, with gasoline and middle-distillate cracks remaining firm. The key now is whether the physical disruption persists and whether prompt spreads continue to widen. A sustained move in the front of the curve would be a stronger bullish signal than flat price alone, while any stabilization in flows could take some of the geopolitical premium back out.
Crude (CL1)
Crude broke above resistance at the 100-day moving average overnight, trading to a high of 88.13. This opens the door for a test of the upper Bollinger Band at 89.65. The last time crude touched the upper band was July 23, which was also the last time we saw a close above the 100-day moving average. That makes today’s close an important one to watch for confirmation of a sustained break higher.
Momentum also appears to be attempting to turn back higher, adding further support to the breakout setup. A confirmed close above the 100-day moving average would strengthen the technical picture and keep the focus on the upper Bollinger Band, followed by the July high.
Key Levels
Resistance
- 89.65 — Upper Bollinger Band
- 93.50 — July high
Support
- 86.80 — 100-day moving average
- 83.16 — 20-day moving average
-79.74 — 50-day moving average
Crude (CL1)
Heating Oil (HOV6)
Heating oil traded to a new high overnight at 4.4975, taking out the previous high of 4.4400 from August 21. With that key topside pivot now cleared, the move opens the door for a test of the upper Bollinger Band at 4.5799. The upper band was last tested in mid-August, when it was around 4.3558.
Momentum also appears to be attempting to turn back higher, adding further support to the bullish technical setup. A sustained move above the August high would keep the focus on the upper Bollinger Band as the next key upside target.
Key Levels
Resistance
- 4.5799 — Upper Bollinger Band
Support
- 4.1746 — 20-day moving average
- 3.8020 — 50-day moving average
- 3.7694 — Lower Bollinger Band
Heating Oil (HOV6)
Crude Spread (CLZ6/CLZ7)
The spread made another new high overnight and is still trading near the highs at 11.94. Yesterday also produced a new closing high at 10.99, taking out the previous high close of 10.79 from August 21.
Momentum also appears to be crossing back higher, suggesting the move could continue toward a test of the upper Bollinger Band at 12.23. Holding above the previous high should keep the bullish momentum intact, while a move back below it would be the first sign of the breakout losing some traction.
Key Levels
Resistance
- 12.23 — Upper Bollinger Band
Support
- 10.84 — Previous high
- 8.70 — 20-day moving average
- 7.20 — Bullish reversal bar low from last week
Crude Spread (CLZ6/CLZ7)
Natural Gas Market Overview
Natural Gas (NGV26)
Natural gas is down 0.043 overnight and is trading near its overnight low around 2.889 heading into the US open. Yesterday, price retested the 50-day moving average and closed marginally above it, but the rally failed again, with natural gas now trading back below this key moving average.
Momentum is still pointing higher, but is beginning to move into overbought territory. That suggests the underlying momentum remains supportive, although the failed attempts to hold above the 50-day moving average continue to be a concern for the bulls. A sustained move back above 2.915 would improve the setup, while a break below the 20-day moving average would weaken it further.
Key Levels
Resistance
- 2.915 — 50-day moving average
- 2.948 — Upper Bollinger Band
- 2.990 — Last week's high
Support
- 2.817 — 20-day moving average
- 2.747 — Reversal bar low from August 25
- 2.686 — Lower Bollinger Band
Natural Gas (NGV26)
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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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