Oil, Natural Gas, and US Dollar Technical Analysis Amid Supply Risks and Weak Demand

At the same time, a drone attack on Russia’s Kirishi refinery has temporarily reduced refining capacity. Together, these mixed signals have kept oil prices volatile yet relatively supported near recent levels.

Although supply factors have offered some support, the overall outlook remains uncertain due to weak demand. Last week, U.S. inventories increased unexpectedly, while subdued refining activity pointed to softer consumption trends.

The upcoming refinery maintenance season is likely to limit near-term upside, as temporary shutdowns reduce crude processing and dampen demand. Without a clear rebound in global consumption, especially from the U.S., oil prices may remain rangebound and struggle to sustain a strong move higher.

WTI Crude Oil (CL) Technical Analysis

WTI Oil Daily Chart – Negative Price Action

The daily chart for WTI crude oil (CL) shows a breakdown below the $64 area, completing the ascending channel pattern and reaching the $60 level. After hitting $60, the price rebounded toward resistance at $62. Despite this bounce, WTI Crude Oil maintains a bearish outlook.

A decisive break below $60 is needed to confirm further downside pressure. As long as the price stays below the 200-day SMA at $67, the next likely move for WTI remains to the downside.