Key Insights
- Natural gas trends down, influenced heavily by unfavorable weather forecasts.
- WTI oil witnesses a bounce from session lows, propelled by a positive EIA report.
- If Brent oil stays above $82.85, $85.10-$86.00 is the next watch zone.
Natural Gas
Natural gas is moving lower as traders focus on the bearish changes in weather forecasts.
Natural gas settled below the $2.60 level and is moving towards the support at $2.35 – $2.40.
WTI Oil
WTI oil rebounded from session lows after the release of the bullish EIA report, which showed that crude inventories declined by 6.1 million barrels from the previous week.
In case WTI oil climbs back above the $79 level, it will head towards the nearest resistance at $80.85 – $81.75.
Brent Oil
Brent oil has also rebounded from lows as traders focused on the EIA report. However, traders remain worried about the slowdown of the economy as today’s PMI reports showed that the manufacturing sector remained under pressure in many countries.
In case Brent oil stays above the support at $82.85, it will move towards the nearest resistance at $85.10 – $86.00.
For a look at all of today’s economic events, check out our economic calendar.
