Natural Gas, WTI Oil, Brent Oil – Oil Soars As U.S. Job Market Stays Strong

Key Insights

• Natural gas remains in the $2.00 – $2.20 range. 
• WTI oil moved above $71.00 as traders reacted to the Non Farm Payrolls report. 
• Brent oil settled above $75.00.

Natural Gas

Natural gas  rebounds after the recent pullback. At this point, it looks that natural gas will need significant catalysts to settle below the strong support at $2.00.

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

R1:$2.20 – R2:$2.35 – R3:$2.60

S1:$2.20 – S2:$2.00 – S3:$1.80

WTI Oil

WTI oil  rallied as recession fears eased after the release of Non Farm Payrolls report. Traders used the recent sell-off as an opportunity to build long positions in WTI oil.

If WTI oil climbs above the $71.70 level, it will head towards the resistance at $72.70. A move above $72.70 will push WTI oil towards the $74.00 level.

R1:$71.70 – R2:$72.70 – R3:$74.00

S1:$70.30 – S2:$69.20 – S3:$68.00

Brent Oil

Brent oil has also managed to gain strong upside momentum in today’s trading session as risk appetite increased.

If Brent oil moves above the $75.50 level, it will head towards the resistance at $76.25. A move above this level will push Brent oil towards the $77.50 level.

R1:$75.50 – R2:$76.25 – R3:$77.50

S1:$74.60 – S2:$73.00 – S3:$71.70

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