Natural Gas, WTI Oil, Brent Oil – Oil Markets Remain Volatile After EIA Report

Key Insights

• Natural gas declines as traders take some profits ahead of the EIA report, which will be released tomorrow. 
• WTI oil swinging between gains and losses as traders digest crude inventories data.
• Brent oil tested the 50 EMA on China demand hopes. 

Natural Gas

Natural gas pulled back towards the $2.70 level as traders took some profits off the table after the recent rally. Tomorrow, traders will focus on the EIA Weekly Natural Gas Storage report, which will determine natural gas price dynamics for the rest of the week.

WTI Oil

WTI oil is swinging between gains and losses after the release of the EIA Weekly Petroleum Status Report. The report indicated that crude inventories increased by 1.2 million barrels, compared to analyst consensus of 0.45 million barrels. Rising crude inventories serve as a bearish catalyst for oil markets.

Brent Oil

Brent oil has recently made an attempt to settle above the 50 EMA at $84.05 as traders reacted to the strong economic data from China. If traders stay focused on rising demand from China, Brent oil will have a good chance to settle above the 50 EMA and move towards yearly highs near the $89 level.

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