Key Insights
- Natural gas moved below the $2.60 level due to mild weather forecasts.
- WTI oil settled below $70.00 as traders reacted to the EIA report.
- Brent oil tested new lows amid demand worries.
Natural Gas
Natural gas tested new lows as traders remained focused on bearish weather forecasts.
If natural gas stays below the $2.60 level, it will head towards the support at $2.40 – $2.45.
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WTI Oil
WTI oil suffered a sell-off as EIA report indicated that gasoline inventories increased by 5.4 million barrels.
If WTI oil settles below the $70.00 level, it will head towards the nearest support at $67.50 – $68.50.
Brent Oil
Brent oil tested new lows as traders remained worried about the strength of demand for oil.
A move below the $74.00 level will open the way to the test of the support at $71.75 – $73.00.
For a look at all of today’s economic events, check out our economic calendar.