Natural Gas, WTI Oil, Brent Oil – Oil Prices Test Multi-Month Highs

Key Insights

• Natural gas pulled back as traders focused on the changes in weather forecasts. 
• WTI oil climbed above the $75.50 level. 
• Brent oil tested the psychologically important $80 level. 

Natural Gas

Natural gas pulled back as traders focused on cooler trends in weather forecasts. The current demand for natural gas stays strong, but it looks that the market needs additional catalysts to move higher.

From the technical point of view, natural gas remains stuck in the $2.60 – $2.85 range. A move below $2.60 will push natural gas towards the support at $2.40 – $2.60.

WTI Oil

WTI oil tested new highs as traders reacted to U.S. inflation reports, which indicated that Inflation Rate declined to 3%. The EIA report did not have a significant impact on market dynamics.

If WTI oil manages to settle above the resistance at $76.10 – $76.90, it will head towards the next resistance level, which is located in the $79.20 – $79.70 range.

Brent Oil

Brent oil is also moving higher amid a broad rally in the oil markets. Traders bet on a less hawkish Fed, which is bullish for oil.

Currently, Brent oil is trying to settle above the $80 level. In case this attempt is successful, it will move closer to the resistance at $82.15 – $82.85.

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