Natural Gas, WTI Oil, Brent Oil – Oil Markets Move Away From Session Lows

Key Insights

• Natural gas is stuck near $2.35 as traders wait for catalysts.
• WTI oil tries to climb back above the $73 level.
• Brent oil settled near the $77 level. 

Natural Gas

Natural gas remains stuck near the $2.35 level as traders wait for catalysts. Bulls will have to wait for the positive changes in weather forecasts as the current demand for natural gas remains low.

From the technical point of view, natural gas receives strong support in the $2.00 – 2.35 area but needs material catalysts to climb above the $2.60 level.

R1:$2.60 – R2:$2.85 – R3:$3.00

S1:$2.35 – S2:$2.20 – S3:$2.00

WTI Oil

WTI oil continues its attempts to settle above the $72.70 level as traders prepare for the OPEC+ decision, which will be released at the end of the week.

A successful test of the $72.70 level will push WTI oil towards the resistance at $74.00. In case WTI oil climbs above $74.00, it will head towards the resistance level at $75.70.

R1:$72.70 – R2:$74.00 – R3:$75.70

S1:$71.70 – S2:$70.30 – S3:$69.20

Brent Oil

Brent oil is currently trying to settle back above the $77.50 level while traders wait for additional catalysts.

A move above $77.50 will push Brent oil towards the resistance at $78.80. On the support side, a move below $76.25 will open the way to the test of the next support level, which is located at $75.50.

R1:$77.50 – R2:$78.80 – R3:$79.75

S1:$76.25 – S2:$75.50 – S3:$74.60

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