Natural Gas Gains Ground After EIA Report
- Working gas in storage increased by 129 Bcf but natural gas prices moved higher.
- WTI oil continues its attempts to settle above the key resistance at the 50 EMA.
- Gold is moving lower as the U.S. dollar gains ground against a broad basket of currencies.
Natural Gas Settled Above $7.00
Natural gas moved back above the $7.00 level after the release of the EIA Weekly Natural Gas Storage Report.
The report indicated that working gas in storage increased by 129 Bcf from the previous week, compared to analyst consensus of 113 Bcf.
Interestingly, the report did not put pressure on natural gas markets, and natural gas prices continued to move towards the nearest resistance level at $7.20.
WTI Oil Tests Resistance At $88.40
WTI oil is currently trying to settle above the 50 EMA at $88.40 as traders stay bullish after OPEC+ decision to cut oil production by 2 million bpd.
The new package of EU sanctions on Russia, which includes a price cap for Russian oil, has also provided support to the market.
From a technical point of view, RSI remains in the moderate territory, so there is plenty of room to gain additional upside momentum. In case WTI oil settles above the 50 EMA, it will move towards the next resistance at $90.30.
Gold Is Losing Ground As Treasury Yields Rise
Gold declined below the $1715 level as the U.S. dollar gained ground against a broad basket of currencies.
Gold needs to stay above the 50 EMA at $1715 to have a chance to gain upside momentum in the near term. In case gold settles below the 20 EMA at $1690, it may find itself under significant pressure and move closer to yearly lows.
Strong dollar has also put pressure on silver, which declined towards the $20.50 level. At the same time, platinum and palladium moved higher. Platinum is currently trying to get above the $930 level, while palladium is trading near $2265.
Copper Pulled Back Below $3.50
Copper declined below the $3.50 level after an unsuccessful attempt to get above the resistance at $3.60.
Rising Treasury yields and stronger dollar put pressure on copper markets. In addition, recession worries continue to serve as a bearish catalyst for copper.
In case copper settles below the 20 EMA at $3.45, it will have a good chance to gain additional downside momentum.
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