Key Insights
- Natural gas pulled back amid profit-taking.
- WTI oil moved lower as traders reacted to the disappointing EIA report.
- Brent oil declined below the $77.00 level.
Natural Gas
Natural gas pulled back as traders took some profits off the table after the strong rally. Profit-taking was triggered by bearish updates in weather forecasts.
RSI moved back into the moderate territory, so natural gas may gain additional upside momentum in case positive catalysts emerge.
WTI Oil
WTI oil pulled back as traders reacted to the bearish EIA report, which showed a significant increase in gasoline inventories.
From the technical point of view, WTI oil failed to settle above the resistance at $73.00 – $74.00, which was a disappointing development for the bulls.
Brent Oil
Brent oil is losing ground amid a broad pullback in the oil markets. Rising tensions in the Middle East did not provide sufficient support to oil prices.
If Brent oil settles below the $75.00 level, it will move towards the support at December lows at $71.75 – $73.00.
For a look at all of today’s economic events, check out our economic calendar.
