Key Insights
- Natural gas prices drop amid bearish weather forecasts.
- WTI oil rises with hopes pinned on China’s economic stimulus to drive oil demand.
- Brent oil’s upward trajectory is fueled by China’s updates and a weakening dollar.
Natural Gas
Natural gas tested new lows as traders focused on bearish weather forecasts.
In case natural gas stays below the $2.60 level, it will head towards the next support, which is located in the $2.35 – $2.40 range.
WTI Oil
WTI oil gains ground as traders hope that China’s stimulus measures would provide sufficient support to the economy and boost demand for oil.
In case WTI oil settles above the $81.75 level, it will head towards the next resistance, which is located in the $86.00 – $87.30 range.
Brent Oil
Brent oil is also moving higher, supported by the recent news from China and weaker dollar.
A move above the 86.00 level will open the way to the test of the resistance at $88.80 – $90.00.
For a look at all of today’s economic events, check out our economic calendar.
