Strategic Petroleum Reserve

Natural gas moved lower after a smaller than expected storage build, keeping traders focused on nearby technical support. WTI oil rallied as crude inventories fell sharply, while Brent stayed choppy as markets weighed Middle East tensions and potential emergency supply releases.

WTI and Brent moved away from recent lows as traders weighed OPEC+ expectations, U.S. inventory data and geopolitical risk. Natural gas also rebounded from session lows while traders watched weather forecasts and prepared for the EIA storage update.

Natural gas pushed higher as hotter weather forecasts encouraged traders to price in stronger demand ahead of the EIA update. WTI and Brent oil also rallied, with diesel market stress, reserve data, and blocked supply routes shaping the latest move.

WTI and Brent oil rallied sharply as traders priced in heightened risk around key Middle East shipping routes following the seizure of Mokha on the Red Sea. Natural gas attempted to rebound despite a larger-than-expected weekly storage build in the latest EIA data.

Brent crude is drawing renewed attention as traders watch whether a move above $100 could reset market psychology and reopen a path toward $120, $126 and potentially $130. Tight refined product markets, low U.S. emergency reserves and stretched refinery capacity are keeping the energy complex in focus ahead of the fourth quarter.

Brent crude is again drawing attention to the $130 zone after trading as high as $126.41 on April 30, its strongest level since March 2022. FXCOINZ examines why traders are watching $100, $120 and $126 as critical markers in a market shaped by disrupted flows, falling inventories and hard-asset repricing.