Key Points:
Natural gas is under strong pressure as traders take profits after the release of the EIA report. WTI oil pulled back towards $76.50 on demand worries. Brent oil is trying to settle below the $81.00 level.
In this article:
Natural Gas
Natural gas retreats as traders react to the EIA report, which showed that working gas in storage increased by 78 Bcf from the previous week, compared to analyst consensus of +84 Bcf. Most likely, the pullback is driven by profit-taking.
If natural gas settles below the $2.65 level, it will head towards the support at $2.45 – $2.50.
WTI Oil
WTI oil remains under pressure as traders focus on rising Treasury yields and worry about oil demand.
A move below the $76.00 level will lead to the test of the support at $74.50 – $75.50.
Brent Oil
Brent oil tests new lows amid a broad pullback in the oil markets, which is driven by demand worries.
A successful test of the support at $80.00 – $81.00 will push Brent oil towards the support at $76.00 – $77.00.
For a look at all of today’s economic events, check out our economic calendar.
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About the Author
Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.
