Key Insights
- Natural gas remains under pressure as traders stay focused on warm weather forecasts.
- WTI oil did not manage to settle above the $75.00 level.
- Brent oil pulled back below the $79.50 level.
Natural Gas
Natural gas pulls back as traders prepare for two weeks of warm weather, which will have a negative impact on natural gas demand.
It remains to be seen whether natural gas will be able to settle above the resistance at $2.45 – $2.50 in the near term as fundamentals stay bearish.
WTI Oil
WTI oil is swinging between gains and losses as traders focus on the situation in the Middle East. Israel has reportedly proposed a two month fighting pause in Gaza in exchange for the release of prisoners, and Hamas has reportedly rejected the proposal.
From the technical point of view, WTI oil needs to settle above the $75.00 level to gain additional upside momentum.
Brent Oil
Brent oil pulled back after an unsuccessful attempt to settle above the $80.00 level.
Trading stays choppy as traders remain worried about the health of the global economy. At the same time, rising tensions in the Middle East provide some support to oil markets.
For a look at all of today’s economic events, check out our economic calendar.
