Natural Gas, WTI Oil, Brent Oil – Oil Markets Gain Ground As Traders Weigh Production Cuts

Key Insights

• Natural gas futures markets are closed. 
• WTI oil gains ground as traders stay focused on production cuts. 
• Brent oil is trying to settle above the $76 level. 

Natural Gas

Natural gas futures markets are closed today in observance of the Independence Day holiday.

Natural gas has a good chance to test the $2.85 level in the upcoming days. A move above the $2.85 level will open the way to the test of the next resistance at $3.10 – $3.20.

WTI Oil

WTI oil continues to move higher as traders react to additional production cuts from Saudi Arabia and Russia.

Currently, WTI oil is trying to settle above the 50 MA at $71.60. If this attempt is successful, WTI oil will head towards the resistance in the $72.45 – $73.15 range.

Brent Oil

Brent oil is also moving higher as traders bet that production cuts will provide additional support to prices.

Brent oil has already settled above the 50 MA, which is a bullish development. RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum.

For a look at all of today’s economic events, check out our economic calendar.