Middle East Risks, Inventory Draws Weigh on Natural Gas and Oil Markets

Natural Gas and oil markets are under scrutiny as investors await developments in the Middle East and monitor inventory draws reported by the US Energy Information Administration (EIA).

Natural Gas is currently trading at $2.70, struggling to recover from recent lows after bouncing off support at $2.66.

The market's bias remains bullish despite being below both its 50-EMA ($2.78) and 100-EMA ($2.86). The next major resistance level for Natural Gas is set at $2.74, followed by $2.81, with significant supply zones above that.

WTI Crude Oil analysis reveals a bearish trend, as the market broke down below a key trendline, giving bears the upper hand.