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- Daily Energy Market Update September 14, 2026
Oil moved sharply higher overnight after Saudi Arabia shut its East-West crude pipeline following multiple attacks, removing a key route for moving Saudi barrels toward the Red Sea while bypassing the Strait of Hormuz. Brent traded as high as $108 a barrel before easing slightly, while WTI touched $103 before also pulling back from its high. The shutdown added a fresh physical-supply concern to an already disrupted regional market.
The move was reinforced by the postponement of a planned meeting between Iran and Gulf states over a temporary shipping arrangement through Hormuz. With the pipeline still offline and no immediate diplomatic progress on shipping, traders were left with less confidence around near-term supply flows on two separate fronts.
The Saudi outage carries particular weight because the East-West system is one of the few alternative routes that lets Saudi crude avoid Hormuz exposure entirely. With that option temporarily off the table, more of the kingdom's export flow effectively falls back onto the same chokepoint already under scrutiny — which is why the market responded by adding premium to prompt barrels rather than treating this as a one-off disruption.
For today, the focus is on how quickly Saudi Arabia can restore the pipeline and maintain export flows while it remains offline. Any evidence of a prolonged outage would keep pressure on prompt crude, while signs of restored flows could take some of the overnight premium back out of the market.
Taken together, the pipeline shutdown and the setback to Hormuz shipping talks left the market pricing in greater uncertainty over crude availability and movement. Brent is holding just below its overnight high near $108, with WTI near $103, as traders assess how long the disruption will last.
Crude (CL1)
Crude gapped higher overnight, reaching a high of 103.83 before pulling back toward its opening price. At 7:15 a.m., crude was trading at 102.78, up 2.71. Despite the overnight move, price remains within Friday’s range, creating an inside day.
Momentum is overbought and beginning to cross to the downside. Following Friday’s reversal and close back below the upper Bollinger Band, the setup suggests some caution around chasing the overnight strength.
Key Levels
Resistance
- 103.83 — Overnight high
- 104.46 — Friday’s reversal bar high
Support
- 102.14 — Upper Bollinger Band
- 92.83 — 38.2% Fibonacci retracement from the August low to Friday’s high
- 89.28 — 50% Fibonacci retracement
Crude (CL1)
Heating Oil (HOV6)
Heating Oil also gapped higher overnight, trading up to 5.1392 before pulling back to 5.0689. Despite the move overnight, heating oil is still contained within Friday's range — an inside day. The bearish divergence from last week, coupled with momentum having crossed over to the downside, suggests that heating oil may retrace lower before it can determine the next move direction.
Key Levels
Resistance
- 5.0769 Upper Bollinger Band
- 5.1664 Friday's high
Support
- 4.4974 20 day moving average
- 4.4338 September 4th low
- 4.0823 50 day moving average
Heating Oil (HOV6)
Crude Spread (CLZ6/CLZ7)
The spread is up 2.23 overnight at 21.55. Price is contained within Friday's range and currently trading just above the upper Bollinger Band. The overnight range was small relative to Thursday and Friday's strong moves.
Momentum crossed down on Friday from overbought and suggests further rallies may struggle to make new highs before we see momentum normalize.
Key Levels
Resistance
- 23.32 Friday's reversal bar high
Support
- 21.37 Upper Bollinger Band
- 18.97 Friday's low
Crude Spread (CLZ6/CLZ7)
Natural Gas Market Overview
Natural Gas (NGV26)
Natural Gas is up 0.07 at 2.902 overnight. The move took it back above key resistance, breaking over the 20 day moving average (2.862) and the 50 day moving average (2.866). Both of these moving averages have acted as pivots recently.
Momentum moved out of overbought at the end of last week and is close to neutral levels.
Key Levels
Resistance
- 2.989 Upper Bollinger Band
- 3.033 100 day moving average
Support
- 2.866 50 day moving average
- 2.862 20 day moving average
- 2.736 Lower Bollinger Band
Natural Gas (NGV26)
Mark Schaefer — LinkedIn
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