Key Insights
- Natural gas is losing ground as weather forecasts point to mild weather until the end of the year.
- WTI oil moved below $74.00 as traders took some profits off the table.
- Brent oil pulled back despite tensions in Red Sea.
Natural Gas
Natural gas pulled back as forecasts point to light demand until the end of the year.
From the technical point of view, natural gas settled in a range between the support at $2.40 and the resistance at $2.45.
WTI Oil
WTI oil pulled back from session highs as traders took some profits off the table after the recent rebound.
WTI oil needs to stay above the $73.00 – $74.00 level to have a chance to gain upside momentum in the near term.
Brent Oil
Brent oil has also moved away from session highs despite tensions in Red Sea.
At this point, the near-term trend stays bullish. RSI is in the moderate territory, and there is plenty of room to gain additional momentum.
For a look at all of today’s economic events, check out our economic calendar.
