Natural Gas, WTI Oil, Brent Oil – Oil Gains Ground After U.S. Holiday

Key Insights

• Natural gas remains range-bound as traders focus on LNG exports data. 
• WTI oil tests new highs as traders prepare for the EIA Weekly Petroleum Status Report, which will be released tomorrow. 
• Brent oil is trying to settle above $76.50.

Natural Gas

Natural gas failed to gain additional upside momentum as traders focused on LNG exports data, which showed that exports declined due to planned maintenance and weak European demand.

The resistance at $2.80 – $2.85 has proved its strength, so natural gas will need material catalysts to settle above the key $2.85 level.

WTI Oil

WTI oil moved higher as traders prepared for the EIA report, which will be released tomorrow.

From the technical point of view, WTI oil managed to settle above the 50 MA and continues to move higher. The nearest resistance level for WTI oil is located in the $72.45 – $73.15 range.

Brent Oil

Brent oil is gaining ground as traders remain focused on production cuts from Saudi Arabia and Russia, which may ultimately provide material support to oil prices.

RSI is in the moderate territory, so Brent oil has a good chance to gain additional upside momentum and move towards the resistance in the $78.00 – $78.45 range.

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