Natural Gas, WTI Oil, Brent Oil – Oil Gains Ground On China’s Property Stimulus Measures

Key Insights

• Natural gas moves higher as hot weather boosts demand. 
• WTI oil rallies as traders bet that China’s stimulus measures in the property sector will provide significant support to the country’s economy. 
• Brent oil climbed above the $79.00 level. 

Natural Gas

Natural gas is moving higher as demand stays strong due to hot weather. Demand for natural gas is expected to stay high in the upcoming days.

From the technical point of view, natural gas is moving towards the resistance at $2.80 – $2.85. Natural gas needs to climb above this level to gain additional upside momentum.

WTI Oil

WTI oil tests new highs as traders react to China’s stimulus package in the property market. The measures could provide additional support to the whole economy and boost demand for oil.

A successful test of the resistance in the $74.25 – $74.75 range will open the way to the test of the next resistance at $76.10 – $76.90.

Brent Oil

Brent oil moved above the $78.45 level and is heading towards the psychologically important $80 level.

If Brent oil climbs above $80, it will head towards the resistance in the $82.15 – $82.85 range. RSI remains in the moderate territory, so there is enough room to gain additional momentum.

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