Key Insights
- Natural gas retreats as traders focus on warm weather.
- WTI oil made an attempt to settle above the $82.00 level as Saudi Arabia and Russia confirmed that they would continue to cut production until the end of the year.
- Brent oil moved above the $86.00 level.
Natural Gas
Natural gas pulls back as traders focus on warm weather forecasts. Record production levels serve as an additional bearish catalyst for natural gas.
In case natural gas settles below the $3.25 level, it will head towards the nearest support, which is located in the $3.00 – $3.05 range.
WTI Oil
WTI oil rebounds as Saudi Arabia and Russia confirmed that they will continue to cut production until the end of the year.
If WTI oil settles back above the $82.00 level, it will head towards the resistance, which is located in the $86.00 – $87.30 range.
Brent Oil
Brent oil climbed back above the $86.00 level amid a broad rebound in the oil markets.
From the technical point of view, Brent oil received strong support in the $84.00 – $85.30 range and has a decent chance to develop sustainable momentum.
For a look at all of today’s economic events, check out our economic calendar.
