Natural Gas, WTI Oil, Brent Oil – Oil Moves Away From Session Lows
- Natural gas is trying to settle back above the $2.50 level.
- WTI oil found support near $66 and rebounded above the $67.50 level.
- Brent oil has also moved away from session lows.
Natural gas is trying to rebound after yesterday’s sell-off. EIA Weekly Natural Gas Storage Report showed that working gas in storage declined by 58 Bcf from the previous week, compared to analyst consensus of -62 Bcf. From a big picture point of view, natural gas needs additional catalysts to gain sustainable upside momentum.
WTI oil remains under pressure after the ECB interest rate decision. ECB decided to raise the rate by 50 bps despite problems in the banking sector. Higher interest rates will put more pressure on the economy, and demand for oil may decrease.
Brent oil also remains under some pressure, although it managed to move away from session lows. Recent reports indicated that Russia and Saudi Arabia discussed the recent volatility and remained committed to OPEC+ production cuts.
For a look at all of today’s economic events, check out our economic calendar.