Natural Gas, WTI Oil, Brent Oil – Oil Markets Retreat On U.S. Rate Hike Fears

Key Insights

• Natural gas found some support after yesterday’s sell-off. 
• WTI oil declined towards the $78 level as traders focused on Powell’s hawkish comments. 
• Brent oil is trying to settle below the $84 level. 

Natural Gas

Natural gas is trying to rebound after yesterday’s sell-off. There are no material changes in weather forecasts, and it remains to be seen whether natural gas will be able to gain sustainable upside momentum.

WTI Oil

WTI oil found itself under strong pressure as traders focused on hawkish comments from Fed Chair Jerome Powell. Fed’s aggressive rate hikes may put too much pressure on the economy and reduce demand for oil, which is bearish for oil markets.

Brent Oil

Brent oil declined towards the $84 level as traders reacted to Powell’s comments. From a big picture point of view, oil markets remain stuck in a wide trading range, and Brent oil will need significant catalysts to gain sustainable momentum.

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