Key Insights
- Natural gas pulls back as demand stays low due to mild weather.
- WTI oil gained ground as traders focused on the attacks on ships in Red Sea.
- Brent oil rallied towards the $81.00 level.
Natural Gas
Natural gas is losing ground as traders react to the bearish changes in weather forecasts.
From the technical point of view, natural gas remains stuck between the support at $2.40 and the resistance at $2.65.
WTI Oil
WTI oil rallied as attacks on ships in Red Sea continued. Traders worry that oil supply routes may be disrupted.
Currently, WTI oil is trying to settle above the resistance at $73.00 – $74.00. If WTI oil stays above the $74.00 level, it will move towards the 50 MA at $77.35.
Brent Oil
Brent oil gained upside momentum amid supply worries. As usual, rising tensions in the Middle East serve as a material bullish catalyst for oil markets.
A move above the 50 MA at $81.85 will open the way to the test of the next resistance at $83.50 – $84.50.
For a look at all of today’s economic events, check out our economic calendar.
