Natural Gas, WTI Oil, Brent Oil – Oil retreats after EIA report

FXEmpire.com –

Natural gas

Natural gas 220524 Daily chart

Natural gas is testing new highs as traders remain upbeat ahead of tomorrow’s EIA report, which is expected to show working gas in storage rose by 84 billion cubic feet from the previous week.

If natural gas manages to settle above the resistance at $2.80-$2.85, it will move towards the next resistance level at $3.02-$3.09.

WTI oil

WTI Oil Daily Chart 220524

WTI crude fell as traders reacted to the EIA report, which indicated that crude inventories rose by 1.8 million barrels from the previous week.

A move below the $77.00 level will pave the way for a test of the nearest support at $74.50 – $75.50.

Brent oil

Brent Oil 220524 Daily Chart

Brent crude loses ground as traders remain concerned about the strength of oil demand.

If Brent remains below the $82.00 level, it will reach the $80.00-$81.00 support test.

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This article was originally posted on FX Empire

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