Forex▲ Bullish
Oil Rebounds on Iran Threat, Natural Gas Holds Above $2.70
WTI oil rebounded as Trump threatened Iran, while natural gas held above $2.70 after EIA data showed a 28 Bcf storage build. Traders eye $86 resistance for WTI.
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WTI oil rebounded from session lows on Friday as traders weighed the risk of a U.S. strike on Iran over the weekend. President Trump said he was losing confidence in Iranian negotiators, calling them liars, and warned that the U.S. would hit Iran "very hard." The Strait of Hormuz remains effectively closed, though some vessels still pass through, traders said.
Natural gas, meanwhile, held above $2.70 after the EIA reported a 28 Bcf storage build last week. The data came in below the five-year average, supporting prices. Gas is trading near resistance at $2.75-$2.80; a break above that range could push it toward $3.00-$3.05, traders said.