Natural Gas, WTI Oil, Brent Oil – Oil Markets Are Mostly Flat After EIA Report

Key Insights

• Natural gas tries to settle above the resistance at $2.35 – $2.40.
• WTI oil is trading below the $70 level after the EIA report. 
• Brent oil settled near the $74 level. 

Natural Gas

Natural gas is trying to settle above the strong resistance area in the $2.35 – $2.40 range as bulls hope that demand would grow due to hotter weather.

From a big picture point of view, natural gas remains range-bound, and it will need additional catalysts to gain upside momentum.

WTI Oil

WTI oil is swinging between gains and losses ahead of the Fed decision, which may have a material impact on oil markets. Today’s EIA report, which showed that crude inventories increased by 7.9 million barrels, did not put too much pressure on oil markets.

WTI oil remains range-bound without a clear trend in the short term, although it is obvious that it will need significant catalysts to gain sustainable upside momentum.

Brent Oil

Brent oil settled near the $74 level as traders focused on U.S. dollar’s pullback and reacted to the EIA report.

Brent oil remains range-bound and moves freely between the support near the $72 level and the resistance below the $76 level.

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