Natural Gas, WTI Oil, Brent Oil – Natural Gas Tests New Highs

Key Insights

• Natural gas is trying to settle above the $2.60 level. 
• WTI oil moved towards $71.50 as the rebound continued. 
• Brent oil climbed above the $76 level. 

Natural Gas

Natural gas prices continue to move higher as traders react to the hot weather in Texas, which boosts demand for natural gas.

Currently, natural gas is trying to settle above the strong resistance near the $2.60 level. RSI is in the overbought territory, so it remains to be seen whether natural gas will manage to climb above this level in the near term.

WTI Oil

WTI oil continues to move higher as traders bet that OPEC+ production cuts would help to balance the market while China’s economic stimulus provides additional support.

From the technical point of view, WTI oil rebounded from the strong support area and is heading towards the resistance in the $72.15 – $73.15 area.

Brent Oil

Brent oil is also moving higher ahead of the weekend as traders bet that the bottom has been formed.

It should be noted that Brent oil continues to trade in a wide trading range, and it needs to climb above the $78.50 level to have a chance to develop sustainable upside momentum.

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