Natural Gas, WTI Oil, Brent Oil – Oil Soars 4% As Traders Bet That The Bottom Is In

Vladimir Zernov
Published: Jun 1, 2023, 18:07 GMT+00:00

Oil markets rebound from the strong support area as traders increase their long positions ahead of the OPEC+ meeting.

Natural Gas, WTI Oil, Brent Oil – Oil Soars 4% As Traders Bet That The Bottom Is In

In this article:

Key Insights

  • Natural gas pulled back as traders reacted to the EIA report. 
  • WTI oil rallied above the $70 level as domestic oil production declined. 
  • Brent oil moved towards the $75 level. 

Natural Gas

Natural Gas
Natural Gas 010623 Daily Chart

Natural gas remains under pressure after the release of the EIA report, which indicated that working gas in storage increased by 110 Bcf from the previous week.

A successful test of the $2.20 level will push natural gas towards the support at $2.00. If natural gas declines below $2.00, it will move towards the next support at $1.80.

R1:$2.35 – R2:$2.60 – R3:$2.85

S1:$2.20 – S2:$2.00 – S3:$1.80


WTI Oil 010623 Daily Chart

WTI oil rallied as traders reacted to the EIA report, which showed that crude inventories increased by 4.5 million barrels from the previous week. Domestic oil production declined from 12.3 million bpd to 12.2 million bpd.

A move above the $70.30 level will push WTI oil towards the next resistance at $71.70. If WTI oil climbs above $71.70, it will head towards the $73.50 level.

R1:$70.30 – R2:$71.70 – R3:$73.50

S1:$69.20 – S2:$68.00 – S3:$66.90

Brent Oil

Brent Oil
Brent Oil 010623 Daily Chart

Brent oil has also enjoyed strong support today. Traders bet that Brent oil will not get below the strong support near the $72 level.

If Brent oil settles above $74.60, it will head towards the $75.50 level. A move above $75.50 will open the way to the test of the resistance at $77.50.

R1:$74.60 – R2:$75.50 – R3:$77.50

S1:$73.50 – S2:$72.90 – S3:$71.80

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.

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