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Natural Gas, WTI Oil, Brent Oil – Oil Is Losing Ground On Rate Hike Fears
The ECB President Christine Lagarde's aggressive remarks have traders focused on the oil markets.
Natural Gas
As traders continue to pay attention to Texas's high demand for energy, natural gas gains ground.
To acquire further traction, natural gas needs to stabilize above the $2.80 to $2.85 price level. If so, natural gas will move toward the $3.10–$3.20 area as the next resistance level.
WTI Oil
WTI oil is declining as traders pay attention to the news coming out of Europe. The ECB is prepared to hike interest rates, which will put greater strain on the economy and could decrease demand for oil.
WTI oil is approaching the critical support level. Bulls who bet on the near-term rebound would sell off their long holdings in response to a dip below the $67.00 mark.
Brent Oil
In light of concerns about demand, Brent oil is also declining. Traders worry that the pressure from central banks would be too great on the economy.
Technically speaking, the situation appears to be very negative as Brent oil is going in the direction of crucial support in the $71.55 to $72.05 region after a recent attempt to rally was abruptly halted.
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