Key Insights
- Natural gas remains under strong pressure as weather forecasts stay bearish.
- WTI oil pulled back from session highs as traders focused on the disappointing EIA report.
- Brent oil declined below the $82.00 level.
Natural Gas
Natural gas tests new lows as warm weather trends weigh on prices. The EIA report, which would be released tomorrow, is the only potential catalyst that can change the trend this week.
RSI is in the moderate territory despite the strong pullback, so there is plenty of room to gain additional downside momentum.
WTI Oil
WTI oil pulls back as traders react to the EIA report, which showed that crude inventories increased by 12.0 million barrels from the previous week.
From the technical point of view, WTI oil failed to settle above the resistance at $79, so traders decided to take some profits off the table.
Brent Oil
Brent oil pulls back as traders focus on the disappointing EIA report. Rising tensions in the Middle East did not provide sufficient support to oil markets in today’s trading session.
A move below the $81.50 level will open the way to the test of the psychologically important $80 level.
For a look at all of today’s economic events, check out our economic calendar.
