Key Points:
Natural gas is losing ground after the disappointing EIA report. WTI oil is trying to settle back above the $78.00 level as traders focus on U.S. GDP data. Brent oil attempts to climb back above the $82.00 level.
In this article:
Natural Gas
Natural gas tests support at $2.00 – $2.05 as traders react to the bearish EIA report, which showed that working gas in storage increased by 22 Bcf from the previous week.
A move below the $2.00 level will push natural gas towards the next support at $1.80 – $1.85.
WTI Oil
WTI oil rebounds from multi-week lows, supported by strong U.S. GDP Growth Rate data. The U.S. economy remains in decent shape, which is bullish for oil markets.
If WTI oil settles back above the $78.00 level, it will head towards the resistance at $79.00 – $80.00.
Brent Oil
Brent oil gains ground as traders bet that U.S. demand will provide sufficient support to oil markets.
In case Brent oil settles back above the $81.50 – $82.00 level, it will head towards the 50 MA at $83.44.
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.
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Bruce PowersThu, 25 Jul 2024 20:21:19 GMT