The sell-off in the oil markets was triggered by reports about a potential oil exports deal between U.S. and Iran.
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 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 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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Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.