Advertisement
Advertisement

Natural Gas, WTI Oil, Brent Oil – Oil Rebounds Amid Supply Worries

By:
Vladimir Zernov
Published: Feb 7, 2023, 17:05 GMT+00:00

The oil terminal in Turkey remains closed after the strong earthquake.

WTI Oil

In this article:

Key Insights

  • Natural gas moved above the $2.50 level as traders bet on the rebound after the multi-month pullback. 
  • WTI oil settled above the $76 level amid supply worries after the strong earthquake in Turkey and Syria. 
  • Brent oil moved towards the 20 EMA at $83.70.

Natural Gas

Natural Gas
Natural Gas 070223 Daily Chart

Natural gas is trying to settle above the $2.50 level as the rebound continues. The weather forecast remains uninspiring, but it looks that traders are ready to bet on a stronger rebound after the multi-month pullback.

WTI Oil

WTI Oil
WTI Oil 070223 Daily Chart

WTI oil gained strong upside momentum amid supply worries. The Turkish oil terminal remains closed after the strong earthquake, which dealt serious damage to the country. At this point, it is not clear when the terminal will be working again as the country’s government is focused on delivering first aid to the affected people.

Brent Oil

Brent Oil
Brent Oil 070223 Daily Chart

Brent oil managed to get above the $83.00 level and is trying to settle above the 20 EMA at $83.70. In addition to supply worries after the earthquake, traders stay focused on the reopening of China’s economy, which should boost demand for oil in the upcoming months.

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

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

Did you find this article useful?

Advertisement