Key Insights
- Natural gas rallied after the release of the EIA report.
- WTI oil declined below the $83.00 level as traders focused on weak demand for gasoline in the U.S.
- Brent oil pulled back towards the $84.00 level.
Natural Gas
Natural gas rallied as traders reacted to the EIA report, which showed that working gas in storage increased by 86 Bcf from the previous week.
There are no important levels between $3.05 and the nearest resistance at $3.60, so natural gas has a good chance to develop strong upside momentum.
WTI Oil
WTI oil declined towards new lows amid demand worries. Traders remain focused on yesterday’s EIA report, which indicated that U.S. demand for gasoline had dropped.
RSI remains in the moderate territory, so there is enough room to gain additional downside momentum in case the right catalysts emerge.
Brent Oil
Brent oil pulled back below the $85.00 level as the strong sell-off continued.
In case Brent oil manages to settle below the $84.00 level, it will head towards the next support, which is located in the $78.50 – $80.00 range.
For a look at all of today’s economic events, check out our economic calendar.