Key Insights
- Natural gas moved away from recent highs as weather forecasts remained bearish.
- WTI oil pulled back as traders focused on strong dollar.
- Brent oil moved towards the psychologically important $90.00 level.
Natural Gas
Natural gas pulls back as traders remain focused on bearish weather forecasts. The current demand for natural gas stays low, so bulls do not have enough catalysts to push natural gas to new highs.
In case natural gas settles below the support at $2.80 – $2.85, it will head towards the next support level, which is located in the $2.60 – $2.65 range.
WTI Oil
WTI oil pulls back as U.S. dollar tests new highs. Rising Treasury yields put additional pressure on WTI oil.
The current trend is not broken, but traders should note that the pullback is strong, which means that many players decided to take some profits off the table near multi-month highs.
Brent Oil
Brent oil moved closer to the $90.00 level amid worries about rising yields.
RSI remains in the moderate territory, so there is plenty of room to gain additional downside momentum in case the right catalysts emerge.
For a look at all of today’s economic events, check out our economic calendar.
