Natural Gas, WTI Oil, Brent Oil – Oil Markets Gain Ground As Traders Stay Bullish

Key Insights

• Natural gas declined below the $2.60 level after EIA report. 
• WTI oil made an attempt to settle above $80 as traders reacted to the better-than-expected U.S. GDP Growth Rate report. 
• Brent oil tested the $84 level. 

Natural Gas

Natural gas is trying to settle below the $2.60 level as traders react to the EIA report, which indicated that working gas in storage increased by 16 Bcf from the previous week.

A successful test of the $2.60 level will open the way to the test of the next support, which is located in the $2.35 – $2.40 range.

WTI Oil

WTI oil tests new highs as traders react to the strong economic data from the U.S.

In case WTI oil settles above the $80 level, it will head towards the resistance in the $80.85 – $81.75 range.

Brent Oil

Brent oil is also moving higher as traders expect that U.S. will avoid a recession, which is bullish for oil.

Brent oil has recently managed to settle above the previous resistance at $81.70 – $82.85 and is moving towards the next resistance level, which is located in the $85.10 – $86.00 range.

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