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FXEmpire.com –
Key Insights
- Natural gas pulls back after EIA report.
- WTI oil tested support at the $80 level.
- Brent oil continues to trade near the $85 level.
Natural Gas
Natural Gas 060423 Daily Chart
Natural gas declined after the release of the EIA Weekly Natural Gas Storage Report. The report showed that working gas in storage decreased by 23 Bcf from the previous week, compared to analyst consensus of -21 Bcf.
From the technical point of view, natural gas remains in the $2.00 – $2.20 range. Most likely, natural gas will be able to gain additional momentum in case it moves out of this range.
R1:$2.20 – R2:$2.35 – R3:$2.60
S1:$2.00 – S2:$1.80 – S3:$1.60
WTI Oil
WTI Oil 060423 Daily Chart
WTI oil tested the $80 level but failed to develop sufficient momentum and rebounded towards $80.50. Traders are waiting for additional catalysts after the surprising OPEC+ production cut.
The technical picture has not changed in recent days. Oil continues to consolidate after the strong rally. Bulls are trying to defend the important $80 level. If WTI oil stays above $80, it will have a great chance to climb above the resistance at $82.00.
R1:$82.00 – R2:$83.30 – R3:$84.50
S1:$80.00 – S2:$79.10 – S3:$78.00
Brent Oil
Brent Oil 060423 Daily Chart
Brent oil is currently trying to climb above the $85 level. There are no big news today, so traders focus on general market sentiment.
The nearest material resistance level for Brent oil is located at $86. If Brent oil gets above this level, it will move towards the next resistance at $86.70.
R1:$86.00 – R2:$86.70 – R3:$87.80
S1:$84.00 – S2:$83.10 – S3:$82.40
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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