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

Key Insights

• Natural gas prices rallied towards the resistance at $2.60.
• WTI oil pulled back towards $71.50 as U.S. dollar tested new highs. 
• Brent oil declined towards $75.50. 

Natural Gas

Natural gas rallied after the release of the EIA report, which indicated that working gas in storage increased by 99 Bcf, compared to analyst consensus of +108 Bcf.

A move above the resistance at $2.60 will push natural gas towards the next resistance level at $2.85. In case natural gas climbs above $2.85, it will head towards the resistance at $3.00.

R1:$2.60 – R2:$2.85 – R3:$3.00

S1:$2.35 – S2:$2.20 – S3:$2.00

WTI Oil

WTI oil pulled back as traders focused on U.S. dollar’s rally, which put material pressure on commodities. Rising Treasury yields served as an additional bearish catalyst for oil markets.

In case WTI oil settles below the $75.50 level, it will head towards the next support level at $74.60. A successful test of this level will push WTI oil towards the support at $73.50.

R1:$76.25 – R2:$77.50 – R3:$78.90

S1:$75.50 – S2:$74.60 – S3:$73.50

Brent Oil

Brent oil declined below the $76 level amid a broad pullback in the oil markets, which was triggered by the strong dollar.

If Brent oil settles below $75.50, it will head towards the support at $74.60. A move below this level will push Brent oil towards the next support at $73.50.

R1:$76.25 – R2:$77.50 – R3:$78.80

S1:$75.50 – S2:$74.60 – S3:$73.50

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