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Natural gas pulls back after yesterday’s rally. The market remains extremely volatile, so traders should be prepared for fast moves.
A successful test of the resistance at $3.60 – $3.75 will open the way to the test of the next resistance level at $4.40 – $4.60.
WTI oil pulled back from session highs as traders reacted to the EIA report, which showed that crude inventories increased by 0.8 million barrels from the previous week.
A move below the support at $80.50 – $82.00 will push WTI oil towards the support level at $76.50 – $77.50.
Brent Oil
Brent oil has also found itself under pressure in today’s trading session. According to recent reports. a first group of civilians from Gaza crossed into Egypt. The markets interpret the news as a sign that the scope of the conflict remains under control.
If Brent oil declines below the $84.00 level, it will move towards the support at $80.50 – $81.75.
For a look at all of today’s economic events, check out our economic calendar.
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