Natural Gas, WTI Oil, Brent Oil – Oil Soars As Recession Fears Ease

Key Insights

• Natural gas gains ground as weather forecasts improve. 
• WTI oil rallied as recession fears eased. 
• Brent oil moved towards the $77.00 level. 

Natural Gas

Natural gas is trying to settle above the $2.20 level as bulls hope for stronger demand after the recent changes in weather forecasts.

A successful test of the $2.20 level will push natural gas towards the resistance at $2.35. If natural gas climbs above $2.35, it will move towards the next resistance at $2.60.

R1:$2.20 – R2:$2.35 – R3:$2.60

S1:$2.00 – S2:$1.80 – S3:$1.60

WTI Oil

WTI oil continues to move higher as recession fears ease. The recent sell-off was emotional, and it looks that the market has calmed down.

The nearest resistance for WTI oil is located at $74.00. In case WTI oil climbs above this level, it will move towards the next resistance at $75.70.

R1:$74.00 – R2:$75.70 – R3:$76.90

S1:$72.70 – S2:$71.70 – S3:$70.30

Brent Oil

Brent oil is also moving higher as traders bet that OPEC+ production cuts will provide enough support to the market ahead of the driving season.

A move above $77.50 will push Brent oil towards the resistance at $78.50. In case Brent oil manages to settle above this level, it will head towards the next resistance at $80.00.

R1:$77.50 – R2:$78.50 – R3:$80.00

S1:$76.25 – S2:$75.50 – S3:$74.60

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