Natural Gas
Natural gas pulls back as traders react to the EIA report, which indicated that working gas in storage declined by -167 Bcf from the previous week, compared to analyst consensus of -169 Bcf.
A successful test of the support at $3.90 – $3.95 will open the way to the test of the next support level at $3.70 – $3.75.
WTI Oil
WTI oil pulled back as traders took some profits off the table after yesterday’s rebound. From a big picture point of view, traders remain focused on supply outlook and geopolitical developments.
In case WTI oil declines below the support at $55.50 – $56.00, it will move towards the next support level at $51.50 – $52.00.
Brent Oil
Brent oil moved towards the $60.00 level amid broad pullback in the oil markets.
The technical picture remains unchanged as Brent oil failed to settle above the resistance at $60.50 – $61.00.
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