Key Insights
- Natural gas gains ground amid profit-taking.
- WTI oil rebounds as traders react to the EIA report.
- Brent oil moved towards the $74.00 level.
Natural Gas
Natural gas is moving higher as traders take some profits off the table after the recent move.
The nearest resistance level for natural gas is located in the $2.40 – $2.45 range. It remains to be seen whether natural gas will settle above $2.45 as weather forecasts stay bearish.
WTI Oil
WTI oil rebounds after yesterday’s sell-off which was triggered by demand concerns. EIA report showed that crude inventories declined by 4.3 million barrels, compared to analyst consensus of -0.65 million.
In case WTI oil settles above $69.00, it will move towards the recent highs near the $72.00 level.
Brent Oil
Brent oil is also moving higher as traders bet on a rebound near a strong support level.
The support at $71.75 – $73.00 has been tested many times in March, May, and June. Most likely, Brent oil wil need significant catalysts to settle below the $71.75 level.
For a look at all of today’s economic events, check out our economic calendar.
