Natural Gas, WTI Oil, Brent Oil – Oil Markets Pull Back In Absence Of Catalysts

Key Insights

• Natural gas is trading near multi-week highs as bulls hope that warmer weather will push prices higher. 
• WTI oil settled near $71.50 in quiet trading. 
• Brent oil declined towards the $76 level. 

Natural Gas

Natural gas continues to move higher as traders bet that warmer weather will boost demand for natural gas in the upcoming days.

From the technical point of view, a successful test of the current resistance level will open the way to the next resistance area in the $2.80 – $2.85 range.

WTI Oil

WTI oil pulled back from recent highs. However, the move was not strong as traders were not ready for big moves during the U.S. holiday.

WTI oil is moving towards the resistance area in the $72.45  – $73.15 range. A move above this area will push WTI oil towards the next resistance at the multi-week highs in the $74.25 – $74.75 range.

Brent Oil

Brent oil has also moved away from recent highs as traders took some profits off the table after the rebound.

From the big picture point of view, Brent oil is range-bound since May, so it will need additional catalysts to gain sustainable momentum.

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