Macron’s Call for Reserve Release Weighs on Oil Prices
Natural gas prices are fluctuating ahead of the weekend as traders focus on the EIA report and react to changes in weather forecasts.
If natural gas stays above its 50-day moving average (MA) at $2.87, it may head towards the resistance level in the $3.00, $3.05 range, with a potential move above $3.05 pushing prices towards $3.25.
On the other hand, if natural gas declines below its 50-day MA, it could test the support at $2.75, $2.80, and a further decline to $2.60, $2.65.
In related news, WTI oil is pulling back as traders focus on French President Emmanuel Macron's call for a G7 meeting to release strategic reserves.
Macron suggested that the G7 meeting would consider options for releasing stockpiles, which could put pressure on oil prices if the Strait of Hormuz remains blocked.