Natural Gas, WTI Oil, Brent Oil – Oil Markets Test Weekly Lows Amid Demand Worries
Key Insights
- Natural gas prices managed to move away from yearly lows.
- WTI oil settled below the $75 level as traders remained focused on the hawkish Fed.
- Brent oil pulled back towards the $81 level.
Natural Gas
Natural gas prices rebound from yearly lows as federal regulators approved a partial restart of Freeport LNG. The restart of Freeport LNG operations is bullish for natural gas markets, but it remains to be seen whether it will have a material impact on prices in the upcoming weeks.
WTI Oil
WTI oil remains under pressure as trades fear that Fed’s rate hikes will have a material negative impact on demand for oil. In this light, WTI oil will likely be sensitive to FOMC Minutes, which will be released today.
Brent Oil
Brent oil is currently trying to settle below the $81.00 level. In case this attempt is successful, Brent oil will head towards the psychologically important $80.00 level. RSI remains in the moderate territory, so there is plenty of room to gain additional downside momentum in case the right catalysts emerge.
For a look at all of today’s economic events, check out our economic calendar.
