Natural Gas, WTI Oil, Brent Oil – Oil Markets Rally Ahead Of The Weekend

Key Insights

• Natural gas gains ground amid reports about a lightning strike at the Columbia gulf gas pipeline.
• WTI oil rebounds as traders shrug off recession worries. 
• Brent oil moves back above the $80.00 level. 

Natural Gas

Natural gas moved higher after reports indicated that a lightning struck the Columbia gulf gas pipeline.

In case natural gas stays above the $2.35 level, it will head towards the resistance at $2.60. A move above $2.60 will push natural gas towards the $2.80 level.

R1:$2.60 – R2:$2.80 – R3:$3.00

S1:$2.35 – S2:$2.20 – S3:$2.00

WTI Oil

WTI oil continues to rebound amid rising demand for riskier assets. Traders bet that developed economies will avoid a recession this year.

In case WTI oil settles above the resistance at $77.00, it will head towards the next resistance level at $77.90. A successful test of this level will push WTI oil towards the resistance at $79.20.

R1:$77.00 – R2:$77.90 – R3:$79.20

S1:$75.90 – S2:$74.80 – S3:$73.80

Brent Oil

Brent oil is up by more than 2% in today’s trading session as traders bet on a rebound after the recent pullback.

If Brent oil gets above $80.50, it will move towards the resistance at $81.50. A successful test of this level will open the way to the test of the resistance at $82.80.

R1:$80.50 – R2:$81.50 – R3:$82.80

S1:$79.15 – S2:$78.00 – S3:$77.20

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