Key Insights
- Natural gas declined below the $2.60 level after EIA report.
- WTI oil made an attempt to settle above $80 as traders reacted to the better-than-expected U.S. GDP Growth Rate report.
- Brent oil tested the $84 level.
Natural Gas
Natural gas is trying to settle below the $2.60 level as traders react to the EIA report, which indicated that working gas in storage increased by 16 Bcf from the previous week.
A successful test of the $2.60 level will open the way to the test of the next support, which is located in the $2.35 – $2.40 range.
WTI Oil
WTI oil tests new highs as traders react to the strong economic data from the U.S.
In case WTI oil settles above the $80 level, it will head towards the resistance in the $80.85 – $81.75 range.
Brent Oil
Brent oil is also moving higher as traders expect that U.S. will avoid a recession, which is bullish for oil.
Brent oil has recently managed to settle above the previous resistance at $81.70 – $82.85 and is moving towards the next resistance level, which is located in the $85.10 – $86.00 range.
For a look at all of today’s economic events, check out our economic calendar.
