Natural gas pulls back as traders focus on weather forecasts, which indicated that demand would be modest in the upcoming days.
A successful test of the support at $2.25 – $2.30 will open the way to the test of the next support level at $2.00 – $2.05.
WTI oil pulls back as traders react to the EIA report, which indicated that crude inventories declined by 1.6 million barrels from the previous week.
A move below the $70.00 level will push WTI oil towards the nearest support, which is located in the $68.00 – $68.50 range.
Brent oil is losing ground as traders ignore rising tensions in the Middle East. Traders do not believe that the situation in Lebanon will lead to disruptions in oil supply from the region.
From the technical point of view, Brent oil needs to stay above the $73.00 level to have a chance to gain sustainable upside momentum in the near term.
For a look at all of today’s economic events, check out our economic calendar.
In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.