Natural Gas, WTI Oil, Brent Oil – Oil Markets Pull Back As Traders Take Profits

Key Insights

• Natural gas remains under pressure as traders stay focused on weather forecasts. 
• WTI oil declined below the $80 level as traders reduced their risks ahead of U.S. inflation data. 
• Brent oil pulled back below the $86 level. 

Natural Gas

Natural gas moved lower as traders remained focused on disappointing weather forecasts. As a result, natural gas prices remain stuck in the $2.35 – $2.60 range. Most likely, natural gas will need additional catalysts to climb above the high end of this trading range.

WTI Oil

WTI oil  pulled back below the $80 level as traders remained cautious ahead of tomorrow’s U.S. inflation reports. Traders are worried that higher-than-expected inflation could force the Fed to be more hawkish, which would be bearish for oil markets.

Brent Oil

Brent oil pulled back below the $86 level. It looks that profit-taking served as additional negative catalyst for oil markets. From a big picture point of view, Brent oil needs to climb towards the $90 level to have a chance to gain sustainable upside momentum.

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