Natural Gas, WTI Oil, Brent Oil – Oil Gains As Rebound Continues

Key Insights

• Natural gas is moving lower after the EIA report. 
• WTI oil tests multi-week highs as traders focus on dollar’s pullback and production cuts. 
• Brent oil moved towards the $78 level. 

Natural Gas

Natural gas continues its attempts to settle below the $2.60 level as traders react to the EIA report, which showed that working gas in storage increased by 72 Bcf from the previous week.

In case natural gas settles below the $2.60 level, it will move towards the support in the $2.35 – $2.40 range.

WTI Oil

WTI oil gains ground as traders stay focused on production cuts from Russia and Saudi Arabia. The strong pullback of the U.S dollar serves as an additional positive catalyst for oil markets.

Currently, WTI oil is trying to settle above the resistance at $72.45 – $73.15 range. If this attempt is successful, it will head towards the next resistance in the $74.25 – $74.75 area.

Brent Oil

Brent oil is also moving higher as the strong rebound continues. From the technical point of view, Brent oil has already reached the strong resistance level in the $78.00 – $78.45 range.

This is a key moment for Brent oil as it has a chance to move out of the multi-month range. If Brent oil settles above $78.45, it will move towards the next material resistance in the $82.15 – $82.85 area.

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