Natural Gas, WTI Oil, Brent Oil – Oil Markets Lost Momentum As Traders Focused On EIA Data

Key Insights

• Natural gas tests resistance at $2.60 – $2.65.
• WTI oil moved below the $76 level after the release of the EIA report. 
• Brent oil pulled back below $80.00.

Natural Gas

Natural gas continues its attempts to settle above the resistance at $2.60 – $2.65 as bulls hope that hot weather will push demand higher.

A move above the $2.65 level will open the way to the test of the next resistance area, which is located in the $2.80 – $2.85 range.

WTI Oil

WTI oil pulled back as traders reacted to the EIA report, which showed that crude inventories declined by 0.7 million barrels.

If WTI oil fails to settle above the resistance at $76.80 – $77.30, it will head towards the support in the $72.45 – $73.15 range.

Brent Oil

Brent oil has also found itself under pressure after the release of the EIA Weekly Petroleum Status Report.

The nearest support level for Brent oil is located in the $78.00 – $78.45 range. A move below the $78.00 level may trigger a sell-off.

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