Natural Gas, WTI Oil, Brent Oil – Oil Markets Retreat After EIA Report

Key Insights

• Natural gas markets remain stuck near the $2.50 level as traders wait for catalysts. 
• WTI oil is trying to settle below the $78 level as crude inventories increased by 16.3 million barrels. 
• Brent oil received some support near the 20 EMA. 

Natural Gas

Natural gas continues to consolidate near the $2.50 level amid a lack of positive catalysts. At this point, it looks that negative catalysts have been already priced in by the market. Natural gas needs to get above the $2.60 level to have a chance to develop sustainable upside momentum.

WTI Oil

WTI oil is losing ground after the release of the EIA report. The report indicated that crude inventories increased  by 16.3 million barrels. Crude inventories have been rising for 8 weeks in a row, which is bearish for oil markets.

Brent Oil

Brent oil settled below the $85 level as traders focused on rising inventories in the U.S. However, it looks that Brent oil continues to get some support near the 20 EMA.

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