Natural Gas, WTI Oil, Brent Oil – Natural Gas Rebounds From Recent Lows

Key Insights

• Natural gas tests resistance at $2.20.
• WTI oil settled near the $80 level as U.S. dollar continued to rebound against a broad basket of currencies. 
• Brent oil remains range-bound amid a lack of upside catalysts.

Natural Gas

Natural gas rebounds from lows as weather forecasts trend cooler. It looks that strong LNG exports provided additional support to natural gas markets.

If natural gas settles above $2.20, it will move towards the next resistance at $2.35. A move above this level will open the way to the test of the resistance at $2.60.

R1:$2.20 – R2:$2.35 – R3:$2.60

S1:$2.00 – S2:$1.80 – S3:$1.60

WTI Oil

WTI oil is currently trying to settle above the $80 level as U.S. dollar continues to move higher. Oil traders are focused on the dynamics of the American currency and Treasury yields in absence of additional catalysts.

A move below the $80 level will push WTI oil towards the support at $79.10. If WTI oil settles below $79.10, it will head towards the next support at $78.00.

R1:$82.00 – R2:$83.30 – R3:$84.50

S1:$80.00 – S2:$79.10 – S3:$78.00

Brent Oil

Brent oil сontinues to consolidate near the $85 level amid a lack of upside catalysts. While U.S. dollar’s rebound is bearish for oil prices, traders are not ready for big moves.

Currently, Brent oil is stuck in the $84 – $86 range. A move out of this range will provide Brent oil with an opportunity to gain strong momentum.

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