Natural Gas
Natural gas is moving higher as traders stay bullish ahead of the EIA report, which will be released tomorrow.
Natural gas is close to the important resistance at $2.45 – $2.50. Most likely, natural gas prices will need additional positive catalysts to move above the $2.50 level.
WTI Oil
WTI oil rebounded from session lows as traders reacted to the EIA report, which indicated that crude inventories declined by 2.5 million barrels from the previous week.
If WTI oil climbs back above the $80.00 level, it will head towards the 50 MA at $81.77.
Brent Oil
Brent oil has also moved away from session lows. The EIA report and falling Treasury yields provided material support to Brent oil prices.
From the technical point of view, Brent oil needs to settle above $84.50 to have a chance to gain sustainable upside momentum.
For a look at all of today’s economic events, check out our economic calendar.
