Key Insights
- Natural gas moved above $2.50 after the release of the EIA report.
- WTI oil rebounded from session lows but traders remained cautious.
- Brent oil is trying to settle back above the $82.85 level.
Natural Gas
Natural gas rebounded after EIA report indicated that working gas in storage increased by 18 Bcf from the previous week.
Natural gas found support above the $2.40 level, but it remains to be seen whether it will be able to move above the resistance at $2.60 – $2.65 in the near term.
WTI Oil
WTI oil rebounded from session lows as traders waited for additional catalysts. Oil traders may stay cautious until Friday, when Fed Chair Powell will speak at Jackson Hole Symposium.
WTI oil found support above the $77.30 level and is trying to move closer to the $80.00 level. In case this attempt is successful, it will head towards the resistance at $80.85 – $81.75.
Brent Oil
Brent oil has also moved away from session lows and is trying to climb back above the $82.85 level.
A move above thsi level will show that Brent oil will try to gain additional upside momentum and move towards the resistance at $85.10 – $86.00.
For a look at all of today’s economic events, check out our economic calendar.
