Natural Gas, WTI Oil, Brent Oil – Oil Pulls Back On Profit-Taking - FX Empire
Natural Gas, WTI Oil, Brent Oil - Oil Pulls Back On Profit-Taking
Natural Gas, WTI Oil, Brent Oil – Oil Pulls Back On Profit-Taking
Key Insights
- Natural gas is under pressure ahead of the weekend.
- WTI oil settled below the $76 level.
- Brent oil declined below the $80 level.
Natural Gas
Natural gas is losing ground as traders react to mixed weather outlook and focus on the maintenance at LNG export plants.
From the technical point of view, natural gas settled below the $2.60 level and is moving towards the next support, which is located in the $2.35 – $2.40 range.
WTI Oil
WTI oil pulls back as traders take some profits off the table after the strong rally. The rebound in Treasury yields may have put some pressure on the oil markets today, but profit-taking was the main catalyst.
WTI oil did not manage to settle above the resistance at $76.10 – $76.90 and is moving towards the support at $74.25 – $74.75. A move below $74.25 will push WTI oil towards the next support level at $72.45 – $73.15.
Brent Oil
Brent oil declined below the psychologically important $80 level amid a broad pullback in the oil markets.
The current pullback looks healthy after a strong rally, and it is not surprising to see that some traders decided to take profits ahead of the weekend.
For a look at all of today’s economic events, check out our economic calendar.
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.