Natural Gas, WTI Oil, Brent Oil – Oil Pulls Back Despite Bullish EIA Data

Key Insights

• Natural gas traders switch their attention from April contract to May contract. 
• WTI oil pulls back despite bullish EIA report. 
• Brent oil declined below the $77.50 level. 

Natural Gas

Natural gas prices rebound as traders switch from April contract to May contract. There are no material changes in weather forecasts, and it remains to be seen whether bulls will find sufficient upside catalysts to push natural gas prices higher.

WTI Oil

WTI oil  pulls back after the release of the EIA report. The report indicated that crude inventories declined by 7.5 million barrels from the previous week, compared to analyst consensus of +0.1 million barrels. Domestic oil production decreased from 12.3 million bpd to 12.2 million bpd. While the report was bullish, traders decided to take some profits off the table after the recent rebound.

Brent Oil

Brent oil failed to settle above the 20 EMA and declined below the $77.50 level. Traders will stay focused on Kurdistan oil in the upcoming trading sessions as the export from the region remains halted.

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