Natural Gas, WTI Oil, Brent Oil – Oil Markets Retreat As Traders Focus On Rate Hikes

Key Insights

• Natural gas tests the $2.60 level after the EIA report. 
• WTI oil suffered a sell-off as traders ignored the bullish EIA report. 
• Brent oil declined by 4% amid rate hike fears. 

Natural Gas

Natural gas continues its attempts to settle above the $2.60 level as traders react to the EIA report, which showed that working gas in storage increased by 95 Bcf from the previous week.

From the technical point of view, natural gas continues to face strong resistance below near the $2.60 level, and it will likely need additional positive catalysts to gain upside momentum.

WTI Oil

WTI oil pulled back below the $70 level as traders focused on rate hike fears and ignored the bullish EIA report.

In case WTI oil settles below the $70 level, it will head towards the next support area in the $67.00 – $67.50 range.

Brent Oil

Brent oil has also moved lower amid rate hike fears. The BoE’s decision to raise rates by 25 bps put additional pressure on the oil markets.

If Brent oil settles below $74.70, it will head towards the strong support area in the $71.55 – $72.05 range.

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