Key Insights
- Natural gas rebounds after yesterday’s pullback.
- WTI oil made an attempt to settle above the $70 level as the rebound continued.
- Brent oil tested the $75 level.
Natural Gas
Natural gas is moving higher after yesterday’s pullback as traders react to the EIA report, which indicated that working gas in storage increased by 76 Bcf from the previous week.
The technical picture has not changed as natural gas is stabilizing in the $2.60 – $2.85 range after the recent move.
WTI Oil
WTI oil gains some ground as traders stay focused on the bullish EIA report, which was released on Wednesday.
WTI oil needs to settle above the $70.50 level to continue its rebound. In this case, WTI oil will head towards the next resistance area in the $72.45 – $73.15 range.
Brent Oil
Brent oil is also moving higher as traders ignore rising yields. The encouraging U.S. GDP report has also provided support to oil markets today.
The support area in the $71.55 – $72.05 range has proved its strength, but Brent oil needs to climb above the $75.15 level to have a chance to gain sustainable momentum.
For a look at all of today’s economic events, check out our economic calendar.
