Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Highs As China’s Retail Sales Exceed Expectations

Natural Gas

Natural gas did not manage to settle below the support at $1.60 – $1.65 as traders focused on cooler weather trends.

From the technical point of view, natural gas is forming a tripple bottom pattern, which is a bullish sign. However, the market needs material positive catalysts to move higher.

WTI Oil

WTI oil is moving higher as traders focus on the better-than-expected economic data from China. Retail Sales increased by 5.5% year-over-year in January-February, compared to analyst consensus of 5.2%. Industrial Production grew by 7%, while analysts expected that it would increase by 5%.

WTI oil has settled above the key $80.00 level and is moving towards the next resistance at $85.50 – $86.50.

Brent Oil

Brent oil tests new highs amid a broad rally in the oil markets. Traders bet on higher demand and ignore worries about hawkish Fed.

A move above the $87.00 level will push Brent oil towards the resistance at $89.00 – $90.00.

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