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 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 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 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.
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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.