Natural Gas, WTI Oil, Brent Oil – Oil Dives As Russia Does Not Expect Additional Production Cuts

Key Insights

• Natural gas is moving towards the support at $2.20.
• WTI oil pulled back below the $72 level as Russia’s Novak said that he did not expect additional moves from OPEC+.
• Brent oil declined towards the $76 level.

Natural Gas

Natural gas prices moved lower after EIA report indicated that working gas in storage increased by 96 Bcf, compared to analyst consensus of +100 Bcf.

The nearest support level for natural gas is located at $2.20. If natural gas settles below $2.20, it will head towards the next support at $2.00. A move below $2.00 will push natural gas towards the support at $1.80.

R1:$2.35 – R2:$2.60 – R3:$2.85

S1:$2.20 – S2:$2.00 – S3:$1.80

WTI Oil

WTI oil as traders reacted to the comments from Russian Deputy Prime Minister Alexander Novak, who said that OPEC+ would not make additional steps at the upcoming meeting in June.

If WTI oil settles below the support at $71.70, it will move towards the next support level at $70.30. In case WTI oil declines below $70.30, it will head towards the $69.20 level.

R1:$72.70 – R2:$74.00 – R3:$75.70

S1:$71.70 – S2:$70.30 – S3:$69.20

Brent Oil

Brent oil has also found itself under pressure amid a broad sell-off in the oil market, which was triggered by Novak’s comments.

A move below the $75.50 level will push Brent oil towards the support at $74.60. If Brent oil declines below $74.60, it will head towards the next support level at $73.50.

R1:$76.25 – R2:$77.50 – R3:$78.80

S1:$75.50 – S2:$74.60 – S3:$73.50

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