Natural Gas, WTI Oil, Brent Oil – Oil Rebounds From Session Lows As Crude Inventories Decline

Key Insights

• Natural gas tries to settle below the $2.60 level. 
• WTI oil rebounded above $71.50 as traders focused on EIA report. 
• Brent oil settled back above the $76 level. 

Natural Gas

Natural gas pulls back as traders wait for the storage report, which will be released tomorrow.

In case natural gas settles below the $2.60 level, it will head towards the next support, which is located in the $2.35 – $2.40 range.

WTI Oil

WTI oil rebounded from session lows as traders focused on the EIA report, which showed that crude inventories declined by 1.5 million barrels from the previous week. Domestic oil production grew from 12.2 million bpd to 12.4 million bpd, which was a bearish development, but traders remained bullish.

If WTI oil manages to settle above the resistance at $72.45 – $73.15 area, it will gain additional upside momentum and head towards the next resistance, which is located in the $74.25 – $74.75 range.

Brent Oil

Brent oil has also moved away from session lows as traders ignored recession worries and focused on production cuts.

The nearest material resistance for Brent oil is located in the $78.00 – $78.45 range. A move above this area will show that Brent oil is ready to develop sustainable upside momentum.

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