Natural Gas, WTI Oil, Brent Oil – Oil Soars On China Stimulus Hopes

Key Insights

• Natural gas is moving towards the support in the $2.60 – $2.65 range. 
• WTI oil rallied above the $79 level as traders focused on potential stimulus measures in China. 
• Brent oil is trying to settle above the resistance at $82.85.

Natural Gas

Natural gas pulls back as traders focus on the recent changes in weather forecasts, which project cooler weather at the start of the next month.

From the technical point of view, natural gas failed to settle above the resistance in the $2.80 – $2.85 range and is moving towards the support at $2.60 – $2.65.

WTI Oil

WTI oil rallied amid hopes for additional stimulus in China. Tight supply and rising demand in the U.S. provided additional support to oil markets.

WTI oil settled above the previous resistance in the $76.80 – $77.30 range and is moving towards the next resistance level, which is located at $80.90 – $81.75.

Brent Oil

Brent oil has also gained strong upside momentum. It looks that productions cuts from Saudi Arabia and Russia have finally started to make a real impact on the supply/demand balance in the oil markets.

Currently, Brent oil is testing the resistance in the $81.70 – $82.85 range. A successful test of this level will open the way to the test of the resistance at $85.10 – $86.00.

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