WTI crude jumps 3.05% to $79.60 in largest intraday gain of 2026

WTI crude posted its biggest single-day rally of 2026 on July 14, climbing 3.05% to settle at $79.60 a barrel.

WTI crude surged 3.05% on July 14, closing at $79.60 a barrel — the largest intraday advance of the year — as prices rebounded from an intraday low of $77.86 to a session high of $80.42.

"The move reflects a combination of short-covering and fresh buying after prices held support near $77.80," said Omar Tariq, senior energy analyst at Edgen. "Volume was elevated, suggesting conviction behind the rally."

The session saw WTI trade in a $2.56 range, with volume reaching 45,777 contracts. The close at $79.60 marked a 2% gain from the open of $78.04, with the bulk of the move occurring in afternoon trading as buyers stepped in following the test of the $77.86 low.

The rally brings WTI back toward the psychologically important $80 level, a threshold that has acted as both support and resistance in recent months. A sustained break above $80 could trigger further technical buying, while a failure to hold gains would leave the market vulnerable to renewed selling pressure.

The move comes amid a backdrop of tightening supply expectations and shifting demand signals. U.S. crude inventories have drawn down in recent weeks, while OPEC+ production cuts continue to constrain global supply. On the demand side, refining margins have improved seasonally as the summer driving season enters its peak, supporting crude purchases.

The $77.86 intraday low tested a key support zone that has held since late June. The last time WTI traded below that level, it recovered 4% over the following five sessions, a pattern traders are watching closely. The 50-day moving average near $78.50 now flips to support after being reclaimed during the rally.

Cross-asset dynamics also supported crude. The U.S. dollar index edged lower on the session, making dollar-denominated commodities more attractive to holders of other currencies. Meanwhile, equity markets posted modest gains, reinforcing the risk-on tone that lifted energy prices.

Looking ahead, traders will focus on weekly EIA inventory data due for release, which is expected to show another drawdown in crude stockpiles. A larger-than-expected draw could extend the rally toward the $82 resistance level, while a build would test the durability of the rebound.

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