Natural Gas, WTI Oil, Brent Oil – Oil Pulls Back From Multi-Week Highs

Key Insights

• Natural gas moves higher as traders focus on bullish changes in weather forecasts.
• WTI oil pulled back from highs on profit-taking.
• Brent oil moved back below the $78 level.

Natural Gas

Natural gas gains ground as traders focus on bullish weather forecasts and prepare for rising demand.

The nearest resistance level for natural gas is located in the $2.80 – $2.85 range. A move above this range will signal that natural gas is ready to gain additional upside momentum.

WTI Oil

WTI oil  pulls back as traders take some profits off the table near the high end of the multi-month trading range.

The key question is whether WTI oil will be able to settle above the $74.75 level. In this scenario, it may quickly move towards the next resistance in the $76.10 – $76.90 range.

Brent Oil

Brent oil has also pulled back due to profit-taking. Weaker dollar and lower Treasury yields did not provide sufficient support to oil markets in today’s trading session.

It looks that short sellers are also active today as selling oil at the top of the multi-month range is a decent idea if you are bearish on the market. However, Brent oil may quickly gain strong upsdie momentum in case it manages to settle above $78.45.

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