Key Insights
- Natural gas settled near $2.80 as traders remained focused on mild weather forecasts.
- WTI oil moved higher as traders reacted to the EIA report.
- Brent oil gained ground amid reports indicating that OPEC+ was discussing additional oil production cuts.
Natural Gas
Natural gas settled near the support at $2.80 – $2.85 amid a lack of upside catalysts. Bearish weather forecasts continue to put pressure on natural gas markets.
If natural gas settles below the $2.80 level, it will move towards the next support, which is located in the $2.60 – $2.65 range.
WTI Oil
WTI oil gains ground as traders react to the EIA report, which showed that U.S. has started to buy oil for the Strategic Petroleum Reserve.
A successful test of the resistance at $77.50 will open the way to the test of the next resistance level at $82.50 – $83.50.
Brent Oil
Brent oil moves higher, supported by the recent WSJ report, which indicated that OPEC+ was talking about new oil production cuts.
From the technical point of view, Brent oil managed to climb above the resistance at $80.50 – $81.75 and has a decent chance to gain upside momentum.
For a look at all of today’s economic events, check out our economic calendar.
