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Technical Analysis
OHLC · EMA 9/21/50 · Bollinger Bands · Pivot S/R · RSI(14) · Trendlines ● Analysis: Oct 05 2026 11:00 NY | ⏱ Next update: 13:30 ETWTI Crude CL=F
NYMEX · daily OHLC · Oct06–Oct05
$90.86
-0.27% today · 7d: -3.96%
R3$144.13
R2$125.44
R1$108.15
PP$89.46
S1$72.17
S2$53.48
S3$36.19
Oct 05 2026 11:00 NYWTI crude trades at $90.86, holding just above the 3-month pivot point ($89.46) and the EMA50 ($90.23), but remains below the EMA9 ($92.34) and EMA21 ($92.90). The mixed EMA alignment—price above the 50-day but under short-term averages—suggests near-term consolidation bias with no clear directional conviction. RSI at 22.5 flags oversold conditions, yet momentum remains weak without bullish divergence to confirm a reversal. Downside risks remain pronounced: a breach of S1 ($72.17) would open a path to S2 ($53.48), with exhaustion potentially dragging prices toward S3 ($36.19); these are static pivot levels, not dynamic trendlines. Upside requires a close above R1 ($108.15) to shift focus toward R2 ($125.44). The futures curve reflects steep backwardation (-10.8% from Oct26 to Jul27), signaling near-term supply tightness and physical market stress as spot premiums persist.
Brent Crude BZ=F
ICE · daily OHLC · Oct06–Oct05
$103.02
+0.75% today · 7d: -3.36%
R3$151.92
R2$131.05
R1$117.04
PP$96.17
S1$82.16
S2$61.29
S3$47.28
Oct 05 2026 11:00 NYBrent crude trades at $103.02, holding +7.1% above its 3-month pivot point ($96.17) and testing the EMA9 ($103.07) as immediate resistance. The EMA stack remains bullishly aligned (EMA9 > EMA21 > EMA50), though the 0.0% differential between EMA9 and price suggests near-term consolidation. RSI at 38.9 reflects neutral momentum, neither confirming nor diverging from the current price action. Static pivot-derived support levels show a clear downside cascade: a breach of S1 ($82.16) opens a path to S2 ($61.29), with S3 ($47.28) acting as a bearish exhaustion zone. Conversely, R1 ($117.04) serves as the primary upside barrier; a decisive close above would shift focus toward R2 ($131.05). The futures curve remains in steep backwardation (-14.6% from Oct26 to Jul27), signaling persistent tightness in physical crude markets as prompt contracts command elevated premiums.
WTI Futures Curve CL=F term structure
Backwardation -10.8%WTI in backwardation -10.8% (Oct26 $90.2 to Jul27 $80.5). Spot premium signals near-term supply tightness — physical market under pressure.
Brent Futures Curve BZ=F term structure
Backwardation -14.6%Brent in backwardation -14.6% (Oct26 $101.8 to Jul27 $86.9). Spot premium signals near-term supply tightness — physical market under pressure.
Market Fundamentals
EIA weekly stocks (real data) · IEA/OPEC: pending integration ● EIA real data w/e 2026-09-25EIA — US Weekly Petroleumw/e 2026-09-25
Commercial Crude
427.3 mb
+0.9 mb WoW
SPR Stocks
283.8 mb
-0.8 mb WoW · 39.7% cap
US Production
13.90 mb/d
EIA estimate
Refinery Util.
92.5%
EIA weekly
Cushing Stocks
25.0 mb
WTI pricing hub
IEA — Global Oil Market
IEA Oil Market Report data pending integration
OPEC MOMR — September 2026
● publications.opec.org
📈 Crude Oil Price Movements
In August, the OPEC Reference Basket (ORB) value increased by $3.45/b, m-o-m, to average $86.44/b.
🌎 World Economy
The global economic growth forecasts remain unchanged at 3% for 2026 and 3.2% for 2027.
📊 World Oil Demand
Global oil demand is forecast to grow by 0.4 mb/d in 2026, y-o-y, following a slight downward revision from last month’s assessment.
⚙ World Oil Supply
Non-DoC liquids production (i.e., liquids production from countries not participating in the Declaration of Cooperation) is forecast to grow by about 0.6 mb/d, y-o-y, in 2026, unchanged from last month’s assessment.
🏭 Product Markets and Refining Operations
Refining margins showed mixed trends across the main trading hubs in August.
🚢 Tanker Market
Dirty tanker spot freight rates were stronger in August, led by gains in VLCC rates.
🌐 Crude and Refined Products Trade
US crude imports jumped by 15%, m-o-m, in August to average 6.7 mb/d.
💳 Commercial Stock Movements
Preliminary July 2026 data show that OECD commercial oil inventories increased by 9.8 mb, m-o-m, to stand at 2,763 mb.
⚖ Balance of Supply and Demand
The demand for DoC crude (i.e., crude from countries participating in the DoC) in 2026 is revised up from last month’s assessment to 42.2 mb/d.
▼ Trade & Imports Data
US crude and product net imports, mb/d
| Change | ||||
|---|---|---|---|---|
| US | Jun 26 | Jul 26 | Aug 26 | Aug 26/Jul 26 |
| Crude oil | 1.31 | 2.30 | 2.87 | 0.57 |
| Total products | -6.18 | -6.11 | -6.62 | -0.51 |
| Total crude and products | -4.87 | -3.81 | -3.75 | 0.06 |
OECD Europe’s crude and product net imports, mb/d
| Change | ||||
|---|---|---|---|---|
| OECD Europe | Mar 26 | Apr 26 | May 26 | May 26/Apr 26 |
| Crude oil | 7.56 | 8.35 | 8.15 | -0.20 |
| Total products | 0.19 | -0.27 | 0.22 | 0.49 |
| Total crude and products | 7.75 | 8.08 | 8.38 | 0.29 |
Japan’s crude and product net imports, mb/d
| Change | ||||
|---|---|---|---|---|
| Japan | May 26 | Jun 26 | Jul 26 | Jul 26/Jun 26 |
| Crude oil | 1.48 | 2.10 | 2.38 | 0.27 |
| Total products | 0.45 | 0.20 | 0.07 | -0.13 |
| Total crude and products | 1.93 | 2.30 | 2.45 | 0.14 |
2026 Release Calendar
Oct 13NEXTTuesday
Nov 11Wednesday
Dec 14Monday
OPEC — Press Releases
● opec.org · last 14 days
📄 Monthly Oil Market Report
Strategic Petroleum Reserves
US SPR real EIA weekly data · IEA member emergency coverage ● EIA real data w/e 2026-09-25US Strategic Petroleum Reserve (SPR)
283.8 million bbl
39.7% of 714 mb total cavern capacity · Following emergency releases 2022–23
Empty (0)283.8 mb todayFull (714 mb)
604 mb (2010 peak)
WoW change
-0.8 mb
vs 2010 peak
-320 mb
Days cover
~12 days
⚠SPR at 40% capacity — well below IEA 90-day net import minimum. Covers approximately 12 days of US net imports at current production.
✓US production at 13.90 mb/d reduces import dependency — record domestic output acts as primary supply buffer alongside reduced SPR.
US SPR — IEA 90-Day Cover Estimate
IEA requires 90 days net import cover for member states.
Calculated from real EIA SPR (283.8 mb, w/e 2026-09-25) ÷ estimated net import rate. Other IEA members pending data integration.