Key Insights
- Natural gas retreats as traders react to the EIA report.
- WTI oil moved towards the $76.00 level as traders focused on rising tensions in the Middle East.
- Brent oil rebounded above the $81.00 level.
Natural Gas
Natural gas is moving lower as traders react to the EIA report, which showed that working gas in storage declined by 75 Bcf from the previous week.
A successful test of the support at $1.95 – $2.00 opens the way to the test of the next support level at $1.60 – $1.65.
WTI Oil
WTI oil gained upside momentum as Israel rejected Hamas ceasefire proposal. In addition, U.S. killed a militant commander in Iraq, raising worries about a wider conflict in the region.
From the technical point of view, WTI oil is moving towards the resistance, which is located near the recent highs at $79.00 – $80.00.
Brent Oil
Brent oil has also managed to gain strong momentum as traders focused on rising tensions in the Middle East.
A move above the $82.00 level will push Brent oil towards the resistance at $83.50 – $84.50.
For a look at all of today’s economic events, check out our economic calendar.
