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

Key Insights

• Natural gas moved away from the $2.00 level. 
• WTI oil settled in the new $82.00 – $83.30 range. 
• Brent oil was also flat ahead of the weekend. 

Natural Gas

Natural gas rebounded towards the $2.10 level after an unsuccessful attempt to settle below $2.00.

From a technical point of view, natural gas remains stuck between the support at $2.00 and the resistance at $2.20. The market needs additional catalysts to move out of the current trading range.

R1:$2.20 – R2:$2.35 – R3:$2.60

S1:$2.00 – S2:$1.80 – S3:$1.60

WTI Oil

WTI oil is mostly flat ahead of the weekend. Oil prices are trying to stabilize near recent highs while traders are waiting for additional catalysts.

WTI oil has found itself in a new range between the support at $82.00 and the resistance at $83.30. If WTI oil settles inside this new range, it will have a good chance to gain additional upside momentum next week.

R1:$83.30 – R2:$84.50 – R3:$86.00

S1:$82.00 – S2:$80.00 – S3:$79.10

Brent Oil

Brent oil is also flat in today’s trading session. Rising Treasury yields and stronger dollar did not put pressure on Brent oil, which is a bullish sign for oil markets.

Brent oil needs to get above the $87.80 level to have a chance to gain sustainable upside momentum. A move above $87.80 will push Brent oil towards the resistance at $89.00.

R1:$86.70 – R2:$87.80 – R3:$89.00

S1:$86.00 – S2:$84.00 – S3:$83.10

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