Natural Gas, WTI Oil, Brent Oil – Oil Markets Decline After The Recent Rebound

Key Insights

• Natural gas pulled back amid a lack of upside catalysts. 
• WTI oil settled below the $72.50 level. 
• Brent oil declined towards the $76 level. 

Natural Gas

Natural gas pulls back as traders worry about rising production. Demand for natural gas remains low, and it remains to be seen whether natural gas will be able to gain sustainable upside momentum in the upcoming trading sessions.

If natural gas declines below the $2.20 level, it will head towards the support at $2.00. A move below $2.00 will push natural gas towards the support level at $1.80.

R1:$2.35 – R2:$2.60 – R3:$2.85

S1:$2.20 – S2:$2.00 – S3:$1.80

WTI Oil

WTI oil pulls back as traders take some profits off the table after the strong rebound. Traders have also reacted to the EIA report, which showed that crude inventories increased by 3.0 million barrels from the previous week.

A move below the $71.70 level will push WTI oil towards the support at $70.30. If WTI oil declines below $70.30, it will head towards the $69.20 level.

R1:$72.70 – R2:$74.00 – R3:$75.70

S1:$71.70 – S2:$70.30 – S3:$69.20

Brent Oil

Brent oil has also moved lower. U.S. Inflation Rate declined to 4.9% in April, but traders’ appetite for risk did not increase.

The nearest support level for Brent oil is located at $75.50. If Brent oil declines below this level, it will move towards the support at $74.60.

R1:$76.25 – R2:$77.50 – R3:$78.50

S1:$75.50 – S2:$74.60 – S3:$73.70

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