WTI crude oil steadied above $62.60 and Brent hovered near $66.30, supported by easing geopolitical tensions and resilient demand, despite a second weekly rise in U.S. crude inventories. EIA data indicated strong underlying demand with falling refined product inventories and total petroleum products supplied reaching a 13-month high, contributing to a cautiously bullish short-term outlook for crude. In contrast, natural gas futures eased to $3.31, signaling waning bullish momentum and a neutral-to-bearish bias in the short term.
WTI crude oil steadied above $62.60 per barrel on Thursday, fluctuating within a tight range as easing geopolitical tensions tempered market volatility. Despite a second weekly rise in U.S. crude inventories, total stockpiles remain near seasonal lows, signaling resilient underlying demand. The EIA reported refined product inventories falling and total petroleum products supplied climbing to 21.99 million barrels per day, the highest since December 2022. Traders say the supply-demand balance remains finely poised, with risk sentiment improving but uncertainty over global energy flows keeping price gains limited. Brent crude hovered near $66.30, reflecting cautious optimism in global oil markets. Natural Gas futures are trading near $3.31, easing after a sharp drop from last week’s high around $3.52. On the 4-hour chart, the price has slipped below the short-term ascending channel, signaling waning bullish momentum. The 50-EMA ($3.36) and 200-EMA ($3.33) now act as immediate resistance, while the next support rests near $3.25 and $3.18. Momentum has cooled, with the RSI near 40, suggesting limited buying strength but no clear oversold signal yet. A rebound above $3.37 could restore upward momentum toward $3.52, while continued rejection below $3.30 risks a deeper correction toward $3.16. Overall, the bias remains neutral-to-bearish in the short term. WTI Crude Oil is trading near $62.70, showing mild recovery after bouncing from the $61.80 support zone. On the 4-hour chart, price is testing resistance at the 32.8% Fibonacci retracement and the 50-EMA at $62.27, while the 200-EMA at $63.19 remains a key ceiling for further upside. The short-term trend has turned cautiously bullish, supported by a rising trendline from the $60.40 low. A break above $63.20 could open the path toward $64.10 and $65.10, while a drop below $61.80 risks a pullback toward $60.40. The RSI near 58 signals improving momentum but not yet overbought conditions, suggesting prices may consolidate before attempting another push higher. Brent Crude Oil is trading around $66.34, extending gains after rebounding from key support near $65.50. On the 4-hour chart, price action remains confined within a rising channel, signaling a gradual recovery phase following the recent selloff. The 50-EMA at $66.00 and 200-EMA at $66.86 are converging, forming a short-term decision zone. A sustained break above $66.90 could drive prices toward $67.64 (61.8% Fibonacci retracement) and later $68.30, while immediate support lies near $65.50–$64.80. The RSI near 58 shows improving momentum, confirming that buyers are regaining control without entering overbought territory. As long as Brent holds above $65.50, the broader bias stays constructive, with dips likely to attract fresh buying interest. Arslan is a finance MBA and also holds an MPhil degree in behavioral finance. An expert in financial analysis and investor psychology, Arslan uses his academic background to bring valuable insights about market sentiment and whether instruments are likely to be overbought or oversold. WTI crude oil steadied above $62.60 and Brent near $66.30, primarily driven by easing geopolitical tensions which tempered volatility. Despite a second consecutive weekly rise in U.S. crude inventories, stockpiles remain near seasonal lows, indicating robust underlying demand. EIA data further supports this, showing refined product inventories falling and total petroleum products supplied reaching 21.99 million barrels per day, a 13-month high since December 2022. The short-term technical outlook for crude oil appears cautiously bullish, with WTI testing resistance at its 50-EMA ($62.27) and Brent extending gains within a rising channel. WTI's RSI near 58 suggests improving momentum without being overbought, while Brent's constructive bias is maintained above its $65.50 support, with dips attracting fresh buying. Traders note the supply-demand balance is finely poised, with improving risk sentiment limiting significant price gains due to global energy flow uncertainties. In contrast, Natural Gas futures are trading near $3.31, reflecting a significant easing after a sharp drop from last week's high around $3.52. Technical indicators for natural gas signal waning bullish momentum, with price slipping below its short-term ascending channel and the 50-EMA ($3.36) and 200-EMA ($3.33) now acting as immediate resistance. The RSI near 40 suggests limited buying strength, contributing to a short-term neutral-to-bearish bias for natural gas.
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