Natural Gas, WTI Oil, Brent Oil – Oil Pulls Back From Session Highs Amid Profit-Taking
- Natural gas is swinging between gains and losses despite rising LNG exports as weather forecasts remain unfavorable for high demand.
- WTI oil pulled back below the $81 level as traders took some profits off the table.
- Brent oil moved below the $85 level after an unsuccessful attempt to settle above $86.
WTI oil pulled back from session highs as traders took some profits after the recent rally, which was triggered by OPEC+ decision to cut oil production. Oil markets may have to stabilize for a few days as most traders were shocked by OPEC+ decision and need time to come up with new trading plans.
Brent oil made an attempt to settle above the $86 level but lost momentum and pulled back below the $85 level. From a big picture point of view, Brent oil will likely face significant resistance in the $87 – $89 area. A move above this resistance area will show that Brent oil is ready to move towards the $100 level.
For a look at all of today’s economic events, check out our economic calendar.