Natural Gas, WTI Oil, Brent Oil – Oil Markets Retreat From Session Highs

Key Insights

• Natural gas remains stuck near the $2.60 level. 
• WTI oil pulled back below the $72 level. 
• Brent oil settled below $76.

Natural Gas

Natural gas continues its attempts to settle above the resistance at $2.60. The weather forecasts are unfavorable, and it remains to be seen whether natural gas will be able to stay above $2.60 in the upcoming trading sessions.

In case natural gas settles above $2.60, it will move towards the resistance at $2.85. On the support side, a move below the $2.35 level will push natural gas towards the next support level, which is located at $2.20.

R1:$2.60 – R2:$2.85 – R3:$3.00

S1:$2.35 – S2:$2.20 – S3:$2.00

WTI Oil

WTI oil pulled back from session highs as U.S. debt ceiling negotiations were paused. Traders worry that U.S. may not raise the debt ceiling in time to avoid a default.

A move below the support at $71.70 will push WTI oil towards the next support level at $70.30. In case WTI oil declines below this level, it will head towards the support at $69.20.

R1:$72.70 – R2:$74.00 – R3:$75.70

S1:$71.70 – S2:$70.30 – S3:$69.20

Brent Oil

Brent oil has also found itself under pressure as traders focused on debt ceiling talks.

If Brent oil settles below $75.50, it will move towards the support at $74.60. A successful test of this support level will push Brent oil towards the next support level at $73.50.

R1:$76.25 – R2:$77.50 – R3:$78.80

S1:$75.50 – S2:$74.60 – S3:$73.50

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