Key Insights
- Natural gas pulled back as traders focused on the bearish changes in weather forecasts.
- WTI oil rebounded from session lows as a Houthi ballistic missile struck a U.S.-owned vessel near Yemen.
- Brent oil moved back above the $78.00 level.
Natural Gas
Natural gas pulls back after the recent rally as traders focus on the changes in weather forecasts, which indicate that warm weather may return closer to the end of the month.
From the technical point of view, natural gas settled in a wide range between the support at $3.00 and the resistance at $3.28.
WTI Oil
WTI oil rebounded from session lows as Houthis have reportedly attacked a U.S.-owned ship near Yemen.
WTI oil needs to settle above the resistance at $73.00 – $74.00 to have a chance to gain sustainable upside momentum after a period of consolidation.
Brent Oil
Brent oil has also moved away from session lows as traders focused on potential disruptions in the supply of oil from the Middle East.
A move above the 50 MA at $78.98 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.
