Natural Gas, WTI Oil, Brent Oil – Oil Moves Away From Session Lows Despite Economic Worries

Key Insights

• Natural gas is mostly flat as traders wait for catalysts. 
• WTI oil rebounded towards the $72 level. 
• Brent oil climbed back above $76.

Natural Gas

Natural gas is mostly flat as traders wait for additional catalysts.

From a big picture point of view, natural gas remains stuck in the $2.20 – $2.35 range. Natural gas will likely develop stronger momentum when it moves out of this range.

R1:$2.35 – R2:$2.60 – R3:$2.85

S1:$2.20 – S2:$2.00 – S3:$1.80

WTI Oil

WTI oil rebounded from session lows as traders focused on the recent announcement from OPEC+, which decided to make additional production cuts.

From the technical point of view, WTI oil needs to settle above $74.70 to have a chance to gain sustainable upside momentum.

R1:$73.50 – R2:$74.70 – R3:$76.00

S1:$71.70 – S2:$70.30 – S3:$69.20

Brent Oil

Brent oil has also moved away from session lows. Recession fears continue to put pressure on oil markets, but traders are ready to bet that production cuts will provide enough support to oil prices.

Brent oil remains range-bound, and traders should expect that Brent oil will stay volatile until it moves out of the current trading range.

R1:$77.50 – R2:$78.50- R3:$79.75

S1:$75.50 – S2:$74.60 – S3:$73.50

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