Key Insights
- Natural gas traders switch from October contract to November contract.
- WTI oil rallies as traders focus on tight supplies.
- Brent oil moved towards the $95.00 level.
Natural Gas
The natural gas price chart reflects the switch to the November contract. Mild October forecasts will remain an important catalyst in play.
RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.
WTI Oil
WTI oil tests new highs after the release of the EIA report, which showed that crude inventories declined by 2.2 million barrels from the previous week.
A successful test of the resistance at $92.50 – $94.00 will open the way to the test of the next resistance, which is located in the $98.50 – $100.00 range.
Brent Oil
Brent oil gains ground as traders focus on tight supplies. The EIA report provided significant support to oil markets as it highlighted the current supply/demand balance.
If Brent oil climbs above the $97 level, it will head towards the psychologically important $100 level.
For a look at all of today’s economic events, check out our economic calendar.