Natural Gas, WTI Oil, Brent Oil – Natural Gas Tests New Lows After EIA Report
- Natural gas prices dived below the $3.00 level.
- WTI oil settled back above the $81 level as traders reacted to the strong economic data from the U.S.
- Brent oil managed to climb above the $87.50 level.
Natural gas tested new lows after the release of the EIA Weekly Natural Gas Storage Report. The report indicated that working gas in storage declined by 91 Bcf from the previous week, compared to analyst consensus of -82 Bcf. While the draw exceeded analyst estimates, it was well below the five-year average for this time of the year, which was bearish for natural gas prices.
WTI oil moved higher as traders reacted to the better-than-expected economic data from the U.S. It looks that optimism about rising demand from China provides additional support to oil markets.
Brent oil moved back above the $87.50 level as traders rushed to buy oil after the small pullback. From a big picture point of view, Brent oil is trying to get to the test of the psychologically important $90 level. A move above this level will signal that Brent oil will try to develop sustainable upside momentum.
For a look at all of today’s economic events, check out our economic calendar.