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Natural Gas, WTI Oil, Brent Oil – Oil Markets Test New Highs As Traders Stay Focused On China

By:
Vladimir Zernov
Published: Jan 23, 2023, 18:19 GMT+00:00

Recent data suggests that demand for travel in China is rising at a robust pace.

WTI Oil

In this article:

Key Insights

  • Natural gas markets are trying to move away from multi-month lows. 
  • WTI oil tested new highs as traders bet on rising demand from China. 
  • Brent oil is moving towards the resistance at the $90 level. 

Natural Gas

Natural Gas
Natural Gas 230123 Daily Chart

Natural gas received support near multi-month lows as demand increased due to colder weather. Forecasts indicate that weather will get colder at the end of the month, which may provide more support to natural gas markets.

WTI Oil

WTI Oil
WTI Oil 230123 Daily Chart

WTI oil  tested new highs at $82.60 as traders bet on rising demand from China. Traders stay focused on China as recent data indicates that demand for travel in the country increased despite coronavirus-related problems.

Brent Oil

Brent Oil
Brent Oil 230123 Daily Chart

Brent oil tested the $89 level amid optimism about China’s reopening. While Brent oil gained almost 15% from the recent bottom, RSI remains in the moderate territory, so there is plenty of room to gain additional upside momentum. The nearest significant resistance level for Brent oil is located at $90. In case Brent oil settles above this level, it will head towards the next resistance at $92.50.

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

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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