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Natural gas remained under pressure as traders were focused on the recent EIA report, which indicated a larger gas storage build than anticipated.
In case natural gas settles back below the $2.60 level, it will head towards the support at $2.35 – $2.60. From a big picture point of view, natural gas prices remain range-bound. Most likely, natural gas will need significant catalysts to gain sustainable momentum.
WTI oil is mostly flat as traders take profits near multi-month highs. Production cuts continue to provide material support to oil markets.
RSI is in the overbought territory, which is the main problem for the bulls. However, any attempt to move lower is quickly bought, which shows that the current bullish trend is strong.
Brent Oil
Brent oil is also swinging between gains and losses today. Some traders are cautious as Brent oil is trading not far away from the resistance at $95.25 – $96.90.
It remains to be seen whether Brent oil will be able to test the $95.00 level without a pullback as RSI is in the overbought territory.
For a look at all of today’s economic events, check out our economic calendar.
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