Natural Gas, WTI Oil, Brent Oil – Oil Markets Pull Back From Recent Highs
- Natural gas prices settled near multi-month lows.
- WTI oil moved below the psychologically important $80 level.
- Brent oil faced resistance near $88.50 and pulled back.
Natural gas continues to trade near multi-month lows as longer-term weather forecasts point to warmer weather. While natural gas demand is expected to increase in the upcoming days, it will soon move back to moderate levels, which is bearish for natural gas prices.
WTI oil pulled back below the $80 level after an unsuccessful attempt to settle above $82.50. It looks that traders rushed to take some profits off the table ahead of the weekend. From a big picture point of view, the speed of China’s reopening will determine whether oil prices will go above the recent highs in the near term.
Brent oil has also faced significant resistance near recent highs and pulled back towards the $86 level. Brent oil is consolidating in the $85.50 – $88.50 range, and it will likely need material upside catalysts to settle above the $88.50 level.
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