Key Insights
- Natural gas rebounds as traders focus on the developments in Australia.
- WTI pulls back amid rising Treasury yields.
- Brent oil moves lower after an unsuccessful attempt to settle above the $86.00 level.
Natural Gas
Natural gas rebounds as traders focus on looming Australia strikes, which could push LNG prices higher.
In case natural gas settles back above the resistance in the $2.60 – $2.65 range, it will head towards the next resistance level at $2.80 – $2.85.
WTI Oil
WTI oil pulled back as traders focused on rising Treasury yields. Worries about the state of the Chinese economy served as an additional negative catalyst for oil markets.
From the technical point of view, WTI oil did not manage to settle back above the resistance at $80.85 – $81.75, but it will likely test this level again in the upcoming trading sessions.
Brent Oil
Brent oil has also moved lower, although this pullback was not strong. Rising yields and China’s problems have also served as negative catalysts for Brent oil.
In case Brent oil settles above the $86.00 level, it will gain additional upside momentum and move towards the resistance in the $88.80 – $90.00 range.
For a look at all of today’s economic events, check out our economic calendar.
