Key Insights
- Natural gas pulled back towards the support at $3.05.
- WTI oil tested new lows as API data showed a significant increase in crude inventories.
- Brent oil declined below the $80.00 level amid a strong sell-off in the oil markets.
Natural Gas
Natural gas is losing ground as traders focus on warm weather and high production forecasts.
A move below the support at $3.00 – $3.05 will open the way to the test of the next support level at $2.80 – $2.85.
WTI Oil
WTI oil retreats as traders react to API data, which indicated that crude inventories increased by 11.9 million. EIA data will not be released this week due to a planned systems upgrade.
In case WTI oil settles below the $75.00 level, it will get to the test of the next support level, which is located in the $73.00 – $74.00 range.
Brent Oil
Brent oil dived below the psychologically important $80.00 level on demand concerns.
If Brent oil stays below the $80.00 level, it will head towards the support at $77.50 – $78.25.
For a look at all of today’s economic events, check out our economic calendar.
