Key Insights
- Natural gas found some support near the $1.60 level.
- WTI oil gains ground amid rising tensions in the Middle East.
- Brent oil is trying to settle above the $83.50 level.
Natural Gas
Natural gas remains stuck near the support at $1.60 – $1.65 as traders stay focused on the recent EIA report.
From the technical point of view, natural gas is trying to stabilize after the strong pullback.
WTI Oil
WTI oil is moving higher, supported by rising geopolitical tensions. There is no end in sight for the conflicts in the Middle East, so geopolitical premium for oil is rising.
If WTI oil climbs above the resistance at $79.00 – $80.00, it will move towards the next resistance level at $85.50 – $86.50.
Brent Oil
Brent oil is moving towards weekly highs as traders focus on the recent developments in the Middle East.
The technical picture is promising, and Brent oil looks ready to test the upper end of the resistance area at $83.50 – $84.50.
For a look at all of today’s economic events, check out our economic calendar.
