Key Insights
- Natural gas tests new lows as traders react to the EIA report.
- WTI oil moved higher as dollar pulled back after the release of weak Retail Sales data.
- Brent oil climbed towards the $83.00 level.
Natural Gas
Natural gas retreats as traders react to the disappointing EIA report, which showed that working gas in storage decreased by 49 Bcf from the previous week.
In case natural gas settles below the support at $1.60 – $1.65, it will head towards the $1.50 level.
WTI Oil
WTI oil rebounded as traders focused on U.S. dollar’s pullback, which was triggered by the weak Retail Sales data.
A move above the nearest resistance at $79.00 – $80.00 will push WTI oil towards the next resistance level at $85.50 – $86.50.
Brent Oil
Brent oil gains ground amid a broad rebound in the oil markets. Houthis have recently claimed attack on British ship, providing additional support to oil prices.
From the technical point of view, Brent oil needs to settle above the strong resistance at $83.50 – $84.50 to have a chance to gain sustainable upside momentum.
For a look at all of today’s economic events, check out our economic calendar.
