Natural Gas, WTI Oil, Brent Oil – Oil Markets Rebound From Weekly Lows

Key Insights

• Natural gas gains ground on bullish weather forecasts. 
• WTI oil rebounded above the $69.00 level. 
• Brent oil moved back towards the $74.00 level. 

Natural Gas

Natural gas is testing the strong support area below the $2.70 level as traders focus on bullish weather forecasts.

In case natural gas climbs above $2.70, it will gain additional upside momentum and move towards the resistance in the $2.80 – $2.85 range.

WTI Oil

WTI oil rebounded from the strong support in the $67.00 – $67.50 area despite recession worries.

The technical support is strong, and WTI oil did not manage to settle below $67.00. In case WTI oil settles below this level, traders should expect a major sell-off.

Brent Oil

Brent oil  has also rebounded from recent lows, although the price did not test the support in the $71.55 – $72.05 range.

From a big picture point of view, Brent oil stays range-bound. The general trend remains somewhat bearish as the recent attempt to rebound was stopped below the key resistance area in the $78.00 – $78.45 range.

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