Natural Gas, WTI Oil, Brent Oil – Natural Gas Markets Gain Ground After EIA Report

Key Insights

• Natural gas markets managed to move away from multi-month lows. 
• WTI oil found support near the $75 level and moved back above the $76 level. 
• Brent oil rebounded towards the $83 level. 

Natural Gas

Natural gas rebounded from multi-month lows as traders focused on the EIA Weekly Natural Gas Storage Report. The report indicated that working gas in storage declined by 151 Bcf from the previous week, compared to analyst consensus of -142 Bcf. The bigger-than-expected draw provided some support to natural gas markets, although bulls remain cautious as they prepare for warmer weather in the next week.

WTI Oil

WTI oil  found support near the $75 level and settled back above $76. There are no big news in the oil markets today, and it looks that some traders are ready to use the recent pullback as an opportunity to open long positions at current levels.

Brent Oil

Brent oil has also moved higher today. Currently, Brent oil is trying to settle back above the $83 level. In case this attempt is successful, Brent oil will move towards the 20 EMA at $84.50.

For a look at all of today’s economic events, check out our economic calendar.