WTI crude gaps down 3.07% but recovers to close at $80.51

WTI crude opened with a 3.07% gap down to $78.04 a barrel on July 14 before recovering to close at $80.51, erasing the entire intraday loss.

The session printed a low of $77.86 before buyers stepped in, pushing prices as high as $80.93. Volume reached 74,419 contracts as the market absorbed the initial selling pressure.

The gap-down open marked a departure from the prior session's close near $80.51, with the initial $2.47 decline representing the largest opening gap in recent weeks. The subsequent recovery to close at the same level as the prior session's close suggests the selloff was driven by an overnight event that lost relevance by the regular session close.

The full gap fill carries significance for technical traders. A failure to hold the $78 level on the open could have triggered further selling, but the recovery keeps WTI in its recent range. The next session will test whether the $80 to $81 zone holds as support or resistance.

The wide trading range of $3.07 between the low and high reflects elevated intraday volatility, with the market swinging from an initial risk-off move to a full recovery. The close at $80.51, matching the implied prior close, leaves the daily chart with a long lower wick — a pattern that often signals buying interest at lower levels.

For traders, the gap-down and recovery pattern creates a defined risk level. The $77.86 low now serves as a potential support floor, while the $80.93 high marks near-term resistance. A break above $81 could target the next resistance zone, while a move below $78 would negate the recovery signal.

This article is for informational purposes only and does not constitute investment advice.