Natural Gas, WTI Oil, Brent Oil – Natural Gas Falls After EIA Report, Oil Rises On Chinese Demand

Key Insights

• Natural gas pulled back after EIA report. 
• WTI oil gains ground on China demand as traders ignore rising Treasury yields. 
• Brent oil settled above the resistance at the 50 EMA. 

Natural Gas

Natural gas is moving lower after the release of the EIA Weekly Natural Gas Storage Report. The report indicated that working gas in storage declined by 81 Bcf from the previous week. At current levels, stocks are 342 Bcf above the five-year average for this time of the year.

WTI Oil

WTI oil continues to move higher as traders bet on rising demand from China. Interestingly, rising Treasury yields did not put pressure on the oil markets. Traders are worried about a potential recession in the U.S., but the strong economic rebound in China offsets recession risks.

Brent Oil

Brent oil settled above the 50 EMA and is trying to settle above the $85 level. In case this attempt is successful, Brent oil will move towards the next resistance level at $86.

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