Natural Gas, WTI Oil, Brent Oil – Oil Markets Rebound After Sell-Off

Key Insights

• Natural gas remains stuck in the $2.20 – $2.35 range after the EIA report. 
• WTI oil moved away from session lows. 
• Brent oil rebounded towards the $76 level. 

Natural Gas

Natural gas is mostly unchanged after the release of the EIA report, which exceeded analyst estimates.

The technical picture remains unchanged as natural gas is stuck in the $2.20 – $2.35 range.

R1:$2.35 – R2:$2.60 – R3:$2.85

S1:$2.20 – S2:$2.00 – S3:$1.80

WTI Oil

WTI oil has recently managed to rebound from session lows. The sell-off was triggered by reports about a potential oil exports deal between U.S. and Iran.

If WTI oil settles back above $71.70, it will move towards the resistance at $73.50. A move above this level will push WTI oil towards the $74.70 level.

R1:$71.70 – R2:$73.50 – R3:$74.70

S1:$70.30 – S2:$69.20 – S3:$68.00

Brent Oil

Brent oil received support near the $73.50 level and rebounded towards the $76 level.

The nearest significant resistance for Brent oil is located at $77.50. If Brent oil climbs above this level, it will move towards the next resistance at $78.50.

R1:$77.50 – R2:$78.50 – R3:$79.75

S1:$75.50 – S2:$74.60 – S3:$73.50

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