Key Insights
- Natural gas found some support near the $3.00 level.
- WTI oil rebounded towards the $77.00 level.
- Brent oil climbed above $81.00 as traders used the strong pullback as an opportunity to establish long positions at attractive levels.
Natural Gas
Natural gas stabilized near the $3.00 level as bulls hoped for a change in weather forecasts, which remain the key negative catalyst for natural gas prices.
While the recent pullback was strong, natural gas is not oversold. A move below the $3.00 level will push natural gas towards the support at $2.80 – $2.85.
WTI Oil
WTI oil is moving higher as traders bet on a rebound after the strong pullback.
In case WTI oil settles above the resistance at $76.50 – $77.50, it will head towards the next resistance level, which is located in the $80.50 – $82.00 range.
Brent Oil
Brent oil gains ground amid a broad rebound in the oil markets. At this point, the rebound looks technical, as traders remain worried about a potential economic slowdown.
If Brent oil climbs above the $81.75 level, it will head towards the next resistance at $84.00 – $85.30.
For a look at all of today’s economic events, check out our economic calendar.
