Natural Gas, WTI Oil, Brent Oil – Oil Markets Rally As Traders Focus On EIA Data

Key Insights

• Natural gas pulled back towards the $2.70 level. 
• WTI oil rebounded as crude inventories dropped. 
• Brent oil climbed back above the $74 level.

Natural Gas

Natural gas pulled back as traders took some profits off the table after the recent move.

Natural gas failed to settle above the $2.85 level so it will try to consolidate in the $2.60 – $2.85 range. If natural gas stays above $2.60, it will have a good chance for another test of the resistance in the $2.80 – $2.85 area.

WTI Oil

WTI oil rebounded from recent lows as traders reacted to the bullish EIA report, which showed a significant decline in crude inventories.

If WTI oil settles back above the $70.50 level, it will head towards the next resistance level, which is located near the recent highs in the $72.45 – $73.15 range.

Brent Oil

Brent oil has also moved away from the recent lows as traders focused on the dynamics of U.S. crude inventories.

The support level in the $71.55 – $72.05 range has proved its strength, and it looks that Brent oil will need strong catalysts to test new lows.

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