Natural Gas, WTI Oil, Brent Oil – Natural Gas Markets Test New Lows
- Natural gas markets test new lows amid a complete lack of upside catalysts.
- Oil markets pulled back after the release of the EIA data but quickly managed to gain upside momentum and moved towards session highs.
- A move above the $81.50 level will push WTI oil towards the recent highs near $82.50.
Natural gas tested new lows today as weather forecasts remained disappointing for the bulls. Traders also had a chance to take a look at the EIA Weekly Natural Gas Storage Report. The report indicated that working gas in storage declined by 82 Bcf from the previous week, compared to analyst consensus of -71 Bcf. The report did not provide material support to natural gas prices as traders remained focused on the weather.
WTI oil is currently trying to settle above the $81 level. Oil markets pulled back from session highs after the release of the EIA data but quickly managed to rebound. Traders stay focused on rising demand from China.
Brent oil has recently made an attempt to settle above the $86.50 level. RSI remains in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge. If Brent oil climbs above $86.50, it will head towards the recent highs near the $88 level.
For a look at all of today’s economic events, check out our economic calendar.