Natural Gas, WTI Oil, Brent Oil – Natural Gas Retreats After EIA Report

Key Insights

• Natural gas pulled back as traders reacted to the EIA report. 
• WTI oil declined towards the $83 level amid profit-taking. 
• Brent oil moved below the $87 level. 

Natural Gas

Natural gas pulls back as traders take profits after the recent rally. The EIA report build exceeded analyst expectations and put material pressure on natural gas markets.

From the technical point of view, natural gas failed to settle above the resistance at $2.80 – $2.85. If natural gas stays below the $2.80 level, it will head towards the support at $2.60 – $2.65.

WTI Oil

WTI oil pulled back amid profit-taking. Saudi Arabia and Russia’s production cuts continue to serve as a positive catalyst for oil markets, but traders want to take some profits off the table near multi-month highs.

The current pullback looks healthy after the strong rally. RSI moved back into the moderate territory, so there is plenty of room to gain additional upside momentum.

Brent Oil

Brent oil has also moved lower as traders waited for additional catalysts. Today’s OPEC report showed that oil markets remained tight, but the bullish report did not provide sufficient support to oil prices.

The nearest support level for Brent oil is located in the $85.10 – $86.00 range. A move below the $85 level will open the way to the test of the support in the $81.70 – $82.85 range.

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