Natural Gas, WTI Oil, Brent Oil – Natural Gas Rebounds From Multi-Month Lows

Key Insights

• Natural gas bulls hope that weather will get colder closer to the end of the month. 
• WTI oil declined below the $79 level. 
• Brent oil is moving towards the $84 level as Russia has reportedly increased its seaborne oil exports. 

Natural Gas

Natural gas settled back above the $3.50 level as bulls bet on colder weather. Currently, demand for natural gas remains low. However, the weather may get colder closer to the end of the month, which provides support to natural gas markets.

WTI Oil

WTI oil pulled back below the $79 level as traders took profits after the recent rally. Traders are also worried about rising coronavirus deaths in China, which may lead to a slower reopening of the country.

Brent Oil

Brent oil  has also found itself under pressure in today’s trading session. Russia has reportedly increased its seaborne exports, which is bearish for oil markets. From the technical point of view, Brent oil moved back below the 50 EMA level. In case Brent oil settles below the 50 EMA, it will have a good chance to gain downside momentum and move towards the 20 EMA at $82.35.

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