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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds As Traders Focus On China’s Stimulus Plan
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Key Points:
- Natural gas moved above the $2.35 level as the rebound continued.
- WTI oil gained ground as traders reacted to China's stimulus plan.
- Brent oil settled back above the $83.00 level.
Natural Gas
Natural gas tests new highs as the rebound continues. Strong demand forom LNG exports provides additional support to prices.
The nearest resistance level for natural gas is located in the $2.45 – $2.50 range. A move above $2.50 will push natural gas towards the next resistance at $2.80 – $2.85.
WTI Oil
WTI oil rebounds after the recent pullback. Traders bet that China’s new stimulus plan would provide additional support to the economy and boost demand for oil.
From the technical point of view, WTI oil needs to settle above the resistance at $79.00 – $80.00 to gain upside momentum.
Brent Oil
Brent oil is also moving higher amid a broad rebound in the oil markets. From a big picture point of view, Brent oil stays range-bound as traders wait for stronger catalysts.
If Brent oil moves above the $84.50 level, it will head towards the 50 MA at $86.21.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
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