Key Insights
- Natural gas is moving towards the $2.00 level.
- WTI oil rebounded above the $73.00 level as traders prepared for EIA report, which would be released tomorrow.
- Brent oil made an attempt to settle above the $79.00 level.
Natural Gas
Natural gas is losing ground as warm weather patterns persist. At this point, natural gas needs significant positive catalysts to gain upside momentum.
The nearest support level for natural gas is located in the $1.95 – $2.00 range. A move below $1.95 will push natural gas towards the support at $1.60 – $1.65.
WTI Oil
WTI oil rebounds as traders focus on weaker dollar and falling Treasury yields. Traders will continue to monitor Gaza ceasefire talks, which may serve as a significant catalyst for oil markets.
From the technical point of view, WTI oil needs to climb back above the $74.00 level to gain momentum.
Brent Oil
Brent oil is also moving higher as traders use the recent pullback as an opportunity to increase their long positions.
Brent oil received significant support near the $78.00 level and has a decent chance to gain upside momentum in the near term.
For a look at all of today’s economic events, check out our economic calendar.
