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Natural Gas, WTI Oil, Brent Oil – Oil Markets Rebound After Sell-Off

By:
Vladimir Zernov
Published: Jun 8, 2023, 17:50 UTC

The sell-off in the oil markets was triggered by reports about a potential oil exports deal between U.S. and Iran.

WTI Oil

In this article:

Key Insights

  • Natural gas remains stuck in the $2.20 – $2.35 range after the EIA report. 
  • WTI oil moved away from session lows. 
  • Brent oil rebounded towards the $76 level. 

Natural Gas

Natural Gas
Natural Gas 080623 Daily Chart

Natural gas is mostly unchanged after the release of the EIA report, which exceeded analyst estimates.

The technical picture remains unchanged as natural gas is stuck in the $2.20 – $2.35 range.

R1:$2.35 – R2:$2.60 – R3:$2.85

S1:$2.20 – S2:$2.00 – S3:$1.80

WTI Oil

WTI Oil
WTI Oil 080623 Daily Chart

WTI oil has recently managed to rebound from session lows. The sell-off was triggered by reports about a potential oil exports deal between U.S. and Iran.

If WTI oil settles back above $71.70, it will move towards the resistance at $73.50. A move above this level will push WTI oil towards the $74.70 level.

R1:$71.70 – R2:$73.50 – R3:$74.70

S1:$70.30 – S2:$69.20 – S3:$68.00

Brent Oil

Brent Oil
Brent Oil 080623 Daily Chart

Brent oil received support near the $73.50 level and rebounded towards the $76 level.

The nearest significant resistance for Brent oil is located at $77.50. If Brent oil climbs above this level, it will move towards the next resistance at $78.50.

R1:$77.50 – R2:$78.50 – R3:$79.75

S1:$75.50 – S2:$74.60 – S3:$73.50

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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