Key Insights
- Natural gas pulled back towards the $2.70 level.
- WTI oil rebounded as crude inventories dropped.
- Brent oil climbed back above the $74 level.
Natural Gas
Natural gas pulled back as traders took some profits off the table after the recent move.
Natural gas failed to settle above the $2.85 level so it will try to consolidate in the $2.60 – $2.85 range. If natural gas stays above $2.60, it will have a good chance for another test of the resistance in the $2.80 – $2.85 area.
WTI Oil
WTI oil rebounded from recent lows as traders reacted to the bullish EIA report, which showed a significant decline in crude inventories.
If WTI oil settles back above the $70.50 level, it will head towards the next resistance level, which is located near the recent highs in the $72.45 – $73.15 range.
Brent Oil
Brent oil has also moved away from the recent lows as traders focused on the dynamics of U.S. crude inventories.
The support level in the $71.55 – $72.05 range has proved its strength, and it looks that Brent oil will need strong catalysts to test new lows.
For a look at all of today’s economic events, check out our economic calendar.
