Natural Gas, WTI Oil, Brent Oil – Oil Pulls Back From Session Highs As Traders Focus On Recession Risks

Key Insights

• Natural gas is heading towards the $2.50 level after EIA report. 
• WTI oil declined below $77 amid recession worries. 
• Brent oil pulled back towards the $82 level. 

Natural Gas

Natural gas declined below the $2.55 level after the release of the EIA report, which indicated that working gas in storage declined by 84 Bcf. In case natural gas settles below $2.50, it will likely gain additional downside momentum and move towards the support level at $2.35.

WTI Oil

WTI oil pulled back from session highs as traders focused on recession risks. U.S. Initial Jobless Claims exceeded expectations, highlighting the negative impact of higher interest rates. The report served as a bearish catalyst, and WTI oil moved lower despite U.S. dollar’s pullback.

Brent Oil

Brent oil has also found itself under pressure and moved towards the $82 level. RSI remains in the moderate territory, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge. If Brent oil settles below $82, it will head towards the psychologically important $80 level.

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