Natural Gas, WTI Oil, Brent Oil – Natural Gas Markets Test New Lows
Key Insights
- Natural gas remains under strong pressure.
- WTI oil received support below the $80 level.
- Brent oil settled near $86.50.
Natural Gas
Natural gas is testing new lows due to disappointing weather forecasts. Natural gas bulls cannot find any positive catalysts, and natural gas prices continue to move lower. Interestingly, RSI remains in the moderate territory, so there is enough room to gain additional downside momentum.
WTI Oil
WTI oil settled near the $80.50 level as traders reacted to the EIA data. Crude inventories increased by 0.5 million barrels, compared to analyst consensus, which called for an increase of 1 million barrels. Total motor gasoline inventories grew by 1.8 million barrels, while distillate fuel inventories declined by 0.5 million barrels. Domestic oil production remained unchanged at 12.2 million bpd. The report did not put additional pressure on WTI oil, and it looks that traders may soon focus on rising demand from China.
Brent Oil
Brent oil is mostly flat in today’s trading session. While yesterday’s pullback was not continued, Brent oil will likely need material catalysts to get to the test of the recent highs.
For a look at all of today’s economic events, check out our economic calendar.
