Key Takeaways:
West Texas Intermediate (WTI) crude oil futures opened with a sharp 3.06 percent gap down on Tuesday, as overnight sentiment turned negative for the energy benchmark.
The front-month contract (CL=F) began the April 28, 2026, session at $96.67 per barrel after closing the prior session near $99.72. The day's trading saw a low of $96.24 before buyers stepped in, pushing the price to a high of $99.79. Trading volume for the session was 48,347 contracts.
An opening gap of this magnitude often points to a significant event or shift in sentiment occurring while the market was closed. Such gaps can be driven by macroeconomic news, geopolitical developments, or unexpected changes in supply and demand forecasts. Traders often watch to see if the gap is "filled" — meaning the price returns to the pre-gap level — which it did in this session.
The strong recovery from the session's lows to close near the opening price of the prior day suggests that initial selling pressure was met with resilient demand. The nearly $3.50 range between the day's low and high highlights a period of heightened uncertainty for the commodity, with the market ultimately rejecting the initial lower prices.
This article is for informational purposes only and does not constitute investment advice.
