Natural Gas, WTI Oil, Brent Oil – Oil Markets Rebound After Sell-Off

Key Insights

• Natural gas moved higher after the release of the EIA report. 
• WTI oil rebounded towards the $75.00 level. 
• Brent oil tested resistance at $78.00.

Natural Gas

Natural gas gained ground after the release of the EIA report. The report indicated that working gas in storage increased by 79 Bcf from the previous week, compared to analyst consensus of +75 Bcf.

From the technical point of view, natural gas is trying to settle above the resistance at $2.35. In case this attempt is successful, natural gas will move towards the next resistance level at $2.60.

R1:$2.35 – R2:$2.60 – R3:$2.80

S1:$2.20 – S2:$2.00 – S3:$1.80

WTI Oil

WTI oil is moving higher after yesterday’s sell-off. Rising risk appetite in the world markets provided material support to WTI oil in today’s trading session.

If WTI oil climbs back above the resistance at $74.80, it will head towards the next resistance level at $75.90. A successful test of this level will push WTI oil towards the resistance at $77.00.

R1:$74.80 – R2:$75.90 – R3:$77.00

S1:$73.80 – S2:$72.70 – S3:$71.60

Brent Oil

Brent oil  is testing the resistance at $78.00 amid a broad rebound in the oil markets. Traders are taking profits off the table after the recent pullback.

If Brent oil settles above $78.00, it will move towards the resistance at $79.15. A move above this level will open the way to the test of the resistance at $80.50.

R1:$78.00 – R2:$79.15 – R3:$80.50

S1:$77.20 – S2:$76.20 – S3:$75.20

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