Natural Gas, WTI Oil, Brent Oil – Oil Tests Weekly Highs Ahead Of The Weekend

Key Insights

• Natural gas gains ground as traders focus on rising demand. 
• WTI oil managed to settle above the $70 level. 
• Brent oil moved above the $75 level as the rebound continued. 

Natural Gas

Natural gas is moving higher as traders stay focused on favorable weather forecasts.

In case natural gas manages to settle above the $2.85 level, it will gain additional upside momentum and head towards the resistance in the $3.10 – $3.20 range.

WTI Oil

WTI oil continues its attempts to settle above the resistance in the $70.00 – $70.50 range as the rebound continues. U.S. dollar’s weakness provided additional support to oil markets in today’s trading session.

A successful test of the resistance at $70.00 – $70.50 will push WTI oil towards the next resistance in the $72.45 – $73.15 range.

Brent Oil

Brent oil is also moving higher amid rising demand for riskier assets.

From the technical point of view, it is already clear that the support level at $71.55 – $72.05 has not been breached. A move above the 50 MA at $75.85 will provide Brent oil with an opportunity to gain additional upside momentum.

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