Natural Gas, WTI Oil, Brent Oil – Natural Gas Stays Range-Bound

Key Insights

• Natural gas remains stuck in the $2.35 – $2.60 range. 
• WTI oil tried to settle above the $79 level but lost momentum and pulled back. 
• Brent oil settled near the $85.50 level. 

Natural Gas

Natural gas continues to consolidate near the $2.50 level. Traders are not ready for big moves as they are waiting for additional catalysts. Trading action will remain chaotic until natural gas gets out of the current $2.35 – $2.60 range.

WTI Oil

WTI oil is mostly flat in volatile trading after the release of U.S. economic data. Bulls hope that rising demand from China will push prices higher, while bears bet on the slowdown of the world economy and additional sales of oil from the Strategic Petroleum Reserve.

Brent oil

Brent oil  made an attempt to settle above the $86 level but lost momentum and pulled back towards the $85 level. It should be noted that Brent oil managed to stay above the 50 EMA, which is a bullish sign. However, Brent oil will need additional positive catalysts to have a chance to develop sustainable upside momentum.

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