Natural Gas, WTI Oil, Brent Oil – Oil Markets Retreat As Traders Take Some Profits Off The Table

Key Insights

• Natural gas continues its attempts to rebound after the release of the EIA report. 
• WTI oil declined as traders took profits off the table after the recent rebound. 
• Brent oil settled back below the 20 EMA. 

Natural Gas

Natural gas settled near the $2.45 level after the release of the EIA Weekly Natural Gas Storage report. The report indicated that working gas in storage declined by 217 Bcf from the previous week, compared to analyst consensus of -195 Bcf. It remains to be seen whether the report will provide sufficient support to natural gas markets as weather forecasts remain disappointing.

WTI Oil

WTI oil pulled back as traders took profits after the recent rally. Rising demand in China remains the key pillar of the bullish thesis, but traders stay cautious amid recession worries.

Brent Oil

Brent oil moved back below the 20 EMA at $83.85 as the recent attempt to settle above the 50 EMA yielded no results. In case Brent oil settles below the 20 EMA, it will have a decent chance to gain additional downside momentum.

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