Natural Gas, WTI Oil, Brent Oil – Natural Gas Continues To Rebound After EIA Report

Key Insights

• Natural gas is trying to settle above the $2.25 level. 
• WTI oil is up by more than 2% despite bearish EIA data. 
• Brent oil rebounded towards the $82 level. 

Natural Gas

Natural gas continues to rebound after the release of the EIA Weekly Natural Gas Storage Report. The report indicated that working gas in storage declined by 71 Bcf from the previous week, compared to analyst consensus of -67 Bcf. The bigger-than-expected draw provides natural gas with a chance to gain upside momentum and move back into the recent $2.35 – $2.60 range.

WTI Oil

WTI oil  settled near the $75.50 level despite the bearish EIA report, which indicated that crude inventories continued to rise at a robust pace. Bulls are ready to bet that rising demand from China will provide enough support to oil markets.

Brent Oil

Brent oil rebounds after yesterday’s sell-off. From a big picture point of view, Brent oil has been range-bound since the start of the year. Most likely, Brent oil will need significant catalysts to gain sustainable momentum.

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