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Key Insights
- Natural gas declines as traders focus on disappointing weather forecasts.
- WTI pulls back as traders believe that demand is not as strong as previously expected.
- Brent oil pulled back towards the $75 level.
Natural Gas
Natural gas pulls back due to cooler trends in weather forecasts. Yesterday’s EIA report also serves as a negative catalyst for the market.
Natural gas stays stuck in the $2.20 – $2.35 range, and it needs to move out of this range to develop momentum.
R1:$2.35 – R2:$2.60 – R3:$2.85
S1:$2.20 – S2:$2.00 – S3:$1.80
WTI Oil
WTI oil is moving lower as traders remain worried about the strength of the oil demand in summer. The recent announcements from OPEC+ did not provide material support to the market.
A move below the $70.30 level will push WTI oil towards the support at $69.20. If WTI oil declines below $69.20, it will head towards the next support level at $68.00.
R1:$71.70 – R2:$73.50 – R3:$74.70
S1:$70.30 – S2:$69.20 – S3:$68.00
Brent Oil
Brent oil is also moving lower amid a broad pullback in the oil markets. Recession worries remain an important negative catalyst for Brent oil.
A successful test of the $74.60 level will push Brent oil towards the next support at $73.50. If Brent oil gets below this level, it will move towards the support at $72.50.
R1:$75.50 – R2:$77.50 – R3:$78.50
S1:$74.60 – S2:$73.50 – S3:$72.50
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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