Key Insights
- Natural gas is swinging between gains and losses as traders react to the EIA report.
- WTI oil is up by 3.5% as U.S. dollar tests multi-month lows.
- Brent oil moved above the $77.00 level.
Natural Gas
Natural gas is mostly flat as traders react to the EIA Weekly Natural Gas Storage Report, which indicated that working gas in storage declined by 55 Bcf from the previous week.
RSI remains in the oversold territory but is slowly moving higher. In case natural gas stays below the $2.40 level, it may gain additional downside momentum.
WTI Oil
WTI oil rallied as traders focused on U.S. dollar’s pullback. Weak dollar is bullish for dollar-denominated commodities.
In case WTI oil settles above the resistance at $73.00 – $74.00, it will head towards the next resistance level at $79.00 – $80.00.
Brent Oil
Brent oil is moving higher, supported by IEA montly report. IEA increased its estimate of world oil consumption growth by 130,000 bpd in 2024.
A move above the resistance at $77.50 – $78.25 will open the way to the test of the next resistance at $83.50 – $84.50.
For a look at all of today’s economic events, check out our economic calendar.
