Natural Gas, WTI Oil, Brent Oil – Oil Rallies As Traders Bet On Rising China Demand

Key Insights

• Natural gas tested multi-week highs after EIA report. 
• WTI oil climbed above the $70 level. 
• Brent oil managed to settle above the $75 level. 

Natural Gas

Natural gas rallied as traders reacted to the EIA report, which showed that working gas in storage increased by 84 Bcf from the previous week. Analysts expected a build of 95 Bcf.

Natural gas managed to settle above $2.40 and is moving towards the next resistance area near the $2.60 level. RSI is in the overbought territory, so the risks of a pullback are increasing.

WTI Oil

WTI oil is moving higher, supported by China’s refinery data and the strong pullback of the U.S. dollar.

In case WTI oil settles above the $69.50- $70.50 resistance area, it will head towards the next resistance in the $72.15 – $73.15 range.

Brent Oil

Brent oil  has also managed to gain upside momentum as traders bet on rising demand from China.

Interestingly, RSI remains in the moderate territory, so there is plenty of room to gain additional momentum in case the right catalysts emerge.

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