Key Insights
- Natural gas retreats due to bearish weather forecasts.
- WTI oil settled above the $71.00 level as traders waited for additional catalysts.
- Brent oil managed to stay above the psychologically important $75.00 level.
Natural Gas
Natural gas is under strong pressure as bearish weather forecasts eliminate any hopes for a quick rebound.
In case natural gas settles below the support at $2.40 – $2.45, it will head towards the strong support level, which is located in the $2.00 – $2.10 range.
WTI Oil
WTI oil is swinging between gains and losses as traders wait for additional catalysts.
If WTI oil settles above $71.00, it will move towards the nearest resistance level at $73.00 – $74.00.
Brent Oil
Brent oil is mostly flat as traders remain cautious ahead of central banks’ decisions, which will be released this week.
From the technical point of view, the near-term trend stays bearish. Brent oil needs to settle above the resistance at $77.50 – $78.25 to have a chance to gain sustainable upside momentum.
For a look at all of today’s economic events, check out our economic calendar.
