Natural Gas, WTI Oil, Brent Oil – Oil Is Losing Ground On Rate Hike Fears

Key Insights

• Natural gas tests resistance in the $2.80 – $2.85 range. 
• WTI oil pulls back as ECB signals that it will push rates higher. 
• Brent oil declined towards the $73 level on rate hike worries.

Natural Gas

Natural gas gains ground as traders remain focused on the high demand for electricity in Texas.

Natural gas needs to settle above the $2.80 – $2.85 range to gain additional momentum. In this case, natural gas will head towards the next resistance level at $3.10 – $3.20.

WTI Oil

WTI oil is moving lower as traders focus on the news from Europe. The ECB is ready to raise rates, which will put more pressure on the economy and may reduce demand for oil.

WTI oil is heading towards the key support level. A move below the $67.00 level may lead to a sell-off as bulls who bet on the short-term rebound would rush out of their long positions.

Brent Oil

Brent oil is also losing ground amid demand worries. Traders fear that central banks will put too much pressure on the economy.

From the technical point of view, the picture looks rather bearish as the recent attempt to rebound was quickly stopped, and Brent oil is moving towards the important support in the $71.55 – $72.05 range.

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