Key Insights
- Natural gas continues its attempts to settle below $3.05.
- WTI oil moves higher as traders focus on the EIA report and the developments in the Middle East.
- Brent oil tried to settle above the $93.00 level.
Natural Gas
Natural gas remains under pressure as traders focus on record U.S. gas output and negotiations between Chevron and Australian LNG unions.
It should be noted that natural gas received strong support above the $3.00 level, so it will have a good chance to gain upside momentum in case positive catalysts emerge.
WTI Oil
WTI oil gains some ground amid rising tensions in the Middle East. Today, Iran called for an Israel oil embargo, but traders believe that OPEC will do nothing.
Geopolitical developments will remain the key catalyst for oil markets in the upcoming days, and WTI oil has a good chance to climb above the $90.00 level.
Brent Oil
Brent oil made an attempt to settle above the $93.00 but lost momentum as traders realized that OPEC will not discuss Iran’s proposal.
The technical picture remains bullish. Brent oil will stay extremely sensitive to the news from the Middle East, so traders should be prepared for fast moves.
For a look at all of today’s economic events, check out our economic calendar.
