Natural Gas, WTI Oil, Brent Oil – Oil Retreats As Initial Jobless Claims Rise

Key Insights

• Natural gas remains stuck near the $2.20 level. 
• WTI oil pulled back as traders reacted to U.S. jobs data. 
• Brent oil moved towards the $75 level. 

Natural Gas

Natural gas continues its attempts to settle below the $2.20 level amid a lack of positive catalysts.

From a big picture point of view, natural gas will likely need significant catalysts to move out of the $2.00 – $2.35 range.

R1:$2.35 – R2:$2.60 – R3:$2.85

S1:$2.20 – S2:$2.00 – S3:$1.80

WTI Oil

WTI oil pulled back as traders reacted to the higher-than-expected Initial Jobless Claims report from the U.S. Rising Initial Jobless Claims indicate that high interest rates have started to put material pressure on the job market.

A move below the support at $70.30 will push WTI oil towards the next support at $69.20. If WTI oil declines below this level, it will head towards the support level at $68.00.

R1:$71.70 – R2:$72.70 – R3:$74.00

S1:$70.30 – S2:$69.20 – S3:$68.00

Brent Oil

Brent oil has also moved lower amid a broad pullback in the oil markets. Traders are worried about the slowdown of the U.S. economy, which may hurt demand for oil.

If Brent oil gets below the $74.60 level, it will move towards the next support at $73.70. A successful test of the support at $73.70 will push Brent oil towards the $72.90 level.

R1:$75.50 – R2:$76.25 – R3:$77.50

S1:$74.60 – S2:$73.70 – S3:$73.00

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