Key Insights
- Natural gas pulled back towards the $2.75 level.
- WTI oil rebounded above the $83.00 level as traders remained focused on tight supplies.
- Brent oil managed to climb back above the $87.00 level.
Natural Gas
Natural gas remains under pressure as traders focus on the recent EIA report, which showed that working gas in storage increased by 29 Bcf.
From the technical point of view, natural gas needs to settle back above the $2.85 level to have a chance to gain sustainable upside momentum.
WTI Oil
WTI oil rebounds after yesterday’s pullback as traders stay focused on tight supplies. It looks that yesterday’s trading action was mostly driven by profit-taking.
WTI oil did not get to the test of the nearest support at $80.90 – $81.75 and continues to move towards the resistance in the $86.00 – $87.30 range.
Brent Oil
Brent oil found support near the $86.00 level and managed to settle back above the $87.00 level.
In case Brent oil climbs above the recent highs at $88.05, it will get to the test of the resistance in the $88.80 – $90.00 range.
For a look at all of today’s economic events, check out our economic calendar.
