Key Insights
- Natural gas edges closer to a key resistance range of $2.80 – $2.85, as traders bet on a potential demand surge.
- WTI oil pulls back as traders wait for fresh catalysts.
- Brent oil declines amid signs of reduced demand in China.
Natural Gas
Natural gas continues its attempts to settle back above the resistance at $2.80 – $2.85 as traders bet on the potential demand surge.
If natural gas settles above the $2.85 level, it will head towards the next resistance in the $3.05 – $3.10 range.
WTI Oil
WTI oil pulled back as traders waited for new catalysts. Worries about the economic situation in China have also put some pressure on the oil markets.
From the technical point of view, WTI oil is stabilizing above the support in the $80.85 – $81.75 range.
Brent Oil
Brent oil tested support at $85.10 – $86.00 as traders focused on the signs of weakening demand in China.
At this point, the pullback looks healthy as traders want to take some profits off the table near multi-month highs.
For a look at all of today’s economic events, check out our economic calendar.
