Natural Gas, WTI Oil, Brent Oil – WTI Oil Moves Towards $70

Key Insights

• Natural gas rebounds ahead of the weekend. 
• WTI oil remains under strong pressure as traders stay focused on recession risks. 
• Brent oil is losing ground as reports indicate that OPEC+ will not make additional production cuts in June. 

Natural Gas

Natural gas gained ground despite the broad pullback in the commodity markets as traders bet that the bottom has been formed. It remains to be seen whether natural gas will gain sustainable upside momentum in the upcoming trading sessions.

A move above $2.35 will push natural gas towards the resistance at $2.60. If natural gas declines below the support at $2.20, it will head towards the next support level at $2.00.

R1:$2.35 – R2:$2.60 – R3:$2.85

S1:$2.20 – S2:$2.00 – S3:$1.80

WTI Oil

WTI oil  remains under pressure amid recession worries. Today, the weaker-than-expected Michigan Consumer Sentiment report served as an additional bearish catalyst for WTI oil.

A move below the support at $70.30 will push WTI oil towards the next support at $69.20. If WTI oil declines below this level, it will head towards the support at $68.00.

R1:$71.70 – R2:$72.70 – R3:$74.00

S1:$70.30 – S2:$69.20 – S3:$68.00

Brent Oil

Brent oil managed to settle below the $75 level. According to recent reports, Iraq does not expect that OPEC+ will make additional production cuts at the June meeting. These reports put additional pressure on oil markets.

If Brent oil settles below the support at $74.60, it will move towards the next support level, which is located at $73.70. A successful test of this level will open the way to the test of the support at $72.90.

R1:$75.50 – R2:$76.25 – R3:$77.50

S1:$74.60 – S2:$73.70 – S3:$72.90

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