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Key Insights
- Natural gas settled near the $2.60 level.
- WTI oil is trying to stabilize near $90.00.
- Brent oil pulls back as traders react to the weak Euro Area PMI reports.
Natural Gas
Natural gas is stuck near the support at $2.60 – $2.65 as traders wait for additional catalysts. The cessation of strikes in Australia and bearish weather may put pressure on natural gas prices.
If natural gas declines below the $2.60 level, it will head towards the support in the $2.35 – $2.40 range.
WTI Oil
WTI oil pulled back from session highs as traders focused on the risks of additional rate hikes.
From the technical point of view, WTI oil is trying to stabilize near the $90.00 level. In case this attempt is successful, WTI oil will have a good chance to test the resistance in the $92.50 – $94.00 range.
Brent Oil
Brent oil moved lower as traders focused on the weak PMI reports from Europe.
Traders worry that the European economy will remain weak in the upcoming months, which will have a negative impact on demand for oil.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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