Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As China’s Industrial Production Exceeds Expectations

Natural Gas

Natural gas tests new highs as the rally continues. Traders stay focused on the recent EIA report, which was somewhat bullish. It looks that short covering may be an important catalyst for the current rally.

A move above the $2.65 level will push natural gas towards the next resistance level, which is located in the $2.80 – $2.85 range.

WTI Oil

WTI oil gains ground as traders prepare for the start for of the driving season. The better-than-expected Industrial Production report from China provided additional support to oil markets.

If WTI oil manages to climb above the $80.00 level, it will head towards the 50 MA at $81.78.

Brent Oil

Brent oil is moving higher ahead of the weekend. The strong rally in precious metals markets provided additional psychological support to oil markets.

The technical picture remains unchanged as Brent oil needs to settle above the resistance at $84.50 to gain additional upside momentum.

For a look at all of today’s economic events, check out our economic calendar.