Natural Gas, WTI Oil, Brent Oil – Oil Moves Towards The High End Of The Current Trading Range

Key Insights

• Natural gas is mostly flat as traders wait for additional catalysts. 
• WTI oil moved towards the $81.50 level as U.S. dollar pulled back. 
• Brent oil moved closer to the resistance at $86.00.

Natural Gas

Natural gas continues its attempts to settle above the resistance at $2.20. LNG exports are rising, but current demand for natural gas is low, which is bearish for natural gas prices.

If natural gas stays below the $2.20 level, it will move towards the support at $2.00. A successful test of this level will push natural gas towards the next support at $1.80.

R1:$2.20 – R2:$2.35 – R3:$2.60

S1:$2.00 – S2:$1.80 – S3:$1.60

WTI Oil

WTI oil gained upside momentum as traders focused on U.S. dollar’s pullback. In addition, it looks that some traders are ready to bet that tomorrow’s inflation report will miss analyst expectations.

From a big picture point of view, WTI oil remains range-bound. However, WTI oil will have a great chance to gain momentum in case it manages to settle above the $82.00 level.

R1:$82.00 – R2:$83.30 – R3:$84.50

S1:$80.00 – S2:$79.10 – S3:$78.00

Brent Oil

Brent oil has also moved higher in today’s trading session but remained stuck in the previous trading range.

A move above the $86 level will push Brent oil towards the next resistance at $86.70. If Brent oil climbs above $86.70, it will head towards the resistance at $87.80.

R1:$86.00 – R2:$86.70 – R3:87.80

S1:$84.00 – S2:83.00 – S3:$82.50

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