Natural Gas, WTI Oil, Brent Oil – Oil Markets Gain Ground As Rally Continues

Key Insights

• Natural gas is trying to rebound after the recent pullback. 
• WTI oil settled above the psychologically important $80 level.  
• Brent oil moved above the $84.00 level. 

Natural Gas

Natural gas settled near the $2.60 level as traders took some profits off the table after the recent pullback.

It looks that natural gas gets material support near $2.60, so it will need additional catalysts to move towards the next support in the $2.35 – $2.40 range.

WTI Oil

WTI oil gains ground as the rally continues. Traders stay bullish as China’s stimulus measures should provide additional support to oil demand.

The nearest resistance level for WTI oil is located in the $80.85 – $81.75 range. RSI has just moved into the overbought territory, so the risks of a pullback are rising.

Brent Oil

Brent oil is also moving higher ahead of the weekend. The recent economic data from the U.S. provides additional support to oil markets.

The current trend looks strong, although RSI is moving into the overbought territory, which increases risks for the bulls.

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