WTI crude opens with 3.77% gap, settles at $78.15 a barrel

WTI crude futures opened with a 3.77% gap lower on June 16, settling at $78.15 a barrel as supply-side pressures eased and demand concerns weighed on the market.

"The gap lower reflects a shift in near-term supply expectations, with traders pricing in higher OPEC output and softer seasonal demand," said Omar Tariq, an energy markets analyst at Edgen.

The June 16 session saw WTI open at $81.10 before declining to an intraday low of $78.09, with a session high of $80.15. Volume reached 21,759 contracts. The close at $78.15 represented a decline of roughly $2.95 from the opening print, extending the bearish momentum established by the opening gap.

The move comes as the market recalibrates expectations around global crude balances heading into the second half of 2026. A potential increase in OPEC supply, combined with slowing economic indicators from key consuming regions, has shifted the near-term outlook toward surplus. The next major data point for the market will be the weekly EIA inventory report, which will either confirm or challenge the current bearish positioning.

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