Key Insights
- Natural gas sees limited movement, oscillating between $2.60 – $2.65 after the recent EIA report.
- WTI oil takes a positive turn, echoing China’s central bank’s commitment to propel economic recovery.
- Brent oil moves above the $84.00 level as traders focus on China’s stimulus.
Natural Gas
Natural gas is stuck in the $2.60 – $2.65 range as traders react to the EIA report, which showed that working gas in storage increased by 35 Bcf from the previous week.
In case natural gas manages to settle above the $2.65 level, it will head towards the next resistance, which is located in the $2.80 – $2.85 range.
WTI Oil
WTI oil rebounds as traders react to the actions of China’s central bank, which said that it would provide sufficient liquidity to support economic recovery.
In case WTI oil settles back 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 found support near the $83 level and is moving higher as traders hope that China will boost its economic recovery.
If Brent oil settles above the resistance at $85.10 – $86.00, it will head towards the next resistance level, which is located in the $88.80 – $90.00 range.
For a look at all of today’s economic events, check out our economic calendar.