Key Insights
- Natural gas settled near the $3.50 level ahead of the weekend.
- WTI oil pulled back as Iran-backed group Hezbollah signaled that it was not ready to increase its involvement in Israel-Hamas conflict.
- Brent oil pulled back below the $85.00 level.
Natural Gas
Natural gas remains stuck near the $3.50 level as traders evaluate the volatile weather forecasts.
The nearest resistance for natural gas is located in the $3.60 – $3.75 range. A move above $3.75 will push natural gas towards the resistance at $4.40 – $4.60.
WTI Oil
WTI oil retreats amid signs that Lebanon’s Iran-backed group Hezbollah is not ready to increase its involvement in Israel-Hamas conflict.
If WTI oil settles below $80.50, it will head towards the next support level, which is located at $76.50 – $77.50.
Brent Oil
Brent oil is under strong pressure despite falling Treasury yields. Traders focus on geopolitical developments and bet that Israel-Hamas conflict would not spread to other countries in the region.
A successful test of the support at $84.00 will open the way to the test of the next support level at $80.50 – $81.75.
For a look at all of today’s economic events, check out our economic calendar.
