Natural Gas, WTI Oil, Brent Oil – Natural Gas Is Forming A Bottom

Key Insights

• Natural gas found support near multi-month lows and is trying to gain upside momentum. 
• Oil markets were volatile after the release of U.S. inflation data. 
• Oil prices managed to move away from session lows despite worries about hawkish Fed.

Natural Gas

Natural gas rebounds as traders bet that the market has finally found a bottom. The weather forecasts are not bullish, but it looks that natural gas has enough buyers at current levels.

WTI Oil

WTI oil moved away from session lows and tries to settle back above the $79 level. U.S. inflation data served as the key catalyst for WTI oil today. Oil markets moved lower as U.S. Inflation Rate exceeded expectations, but the pullback was quickly bought by traders.

Brent Oil

Brent oil received support near the 20 EMA at $84.40 and moved back above the $85 level. At this point, it looks that Brent oil will need additional catalysts to get above the recent highs near the $87 level, although today’s trading action looks rather bullish.

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