Key Insights
- Natural gas is moving lower as traders focus on bearish weather forecasts.
- WTI oil falls as concerns about Middle East supply ease.
- Brent oil declined towards the $86.00 level.
Natural Gas
Natural gas remains under pressure as traders focus on warmer weather trends. Low trading volumes served as a significant catalyst for the recent volatility.
From the technical point of view, natural gas failed to settle above the resistance at $3.60 – $3.75 and is moving back towards the support at $3.00 – $3.05.
WTI Oil
WTI oil gained strong downside momentum as concerns about Middle East supply eased. While Israel sent its ground forces into the Gaza Strip to defeat Hamas, it was not a full-scale operation, which was bearish for oil prices.
WTI oil remains stuck in a range between the support at $80.50 – $82.00 and the resistance at $86.00 – $87.30. A move out of this range will provide WTI oil with an opportunity to gain additional momentum.
Brent Oil
Brent oil is losing ground as traders stay focused on the developments in the Middle East.
While Brent oil remains range-bound, traders should be prepared for fast moves as the market is extremely sensitive to the news from the Middle East.
For a look at all of today’s economic events, check out our economic calendar.
