Oil traders decided to take some profits off the table after the recent rebound.
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 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 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.
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Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.