Key Insights
- Natural gas gained upside momentum as traders reacted to the EIA report.
- WTI oil pulled back below $72.50 as traders ignored the bullish EIA data.
- Brent oil declined below the $78.00 level.
Natural Gas
Natural gas gains ground as traders react to the EIA Weekly Natural Gas Storage Report, which showed that working gas in storage declined by 87 Bcf from the previous week.
In case natural gas manages to settle above the resistance at $2.60 – $2.65, it will move towards the next resistance level at $2.80 – $2.85.
WTI Oil
WTI oil is losing ground despite the bullish EIA report, which showed that crude inventories declined by 6.9 million barrels from the previous week.
From the technical point of view, WTI oil failed to settle above the resistance at $73.00 – $74.00 despite worries about the safety of oil supply routes in Red Sea.
Brent Oil
Brent oil tests support at $77.50 – $78.25 amid a broad pullback in the oil markets.
In case this test is successful, Brent oil will move towards the next support level, which is located in the $71.75 – $73.00 range.
For a look at all of today’s economic events, check out our economic calendar.
