Natural Gas, WTI Oil, Brent Oil – Oil Markets Keep Moving Higher

Vladimir Zernov
Published: Jan 13, 2023, 17:39 UTC

China demand hopes and better-than-expected reports from the U.S. and EU provide material support to oil prices. Natural gas remains under pressure due to warm weather.

WTI oil

In this article:

Key Insights

  • Weather forecasts remain unfavorable for high natural gas consumption. 
  • WTI oil is currently trying to get to the test of the $80 level. 
  • Brent oil gained strong upside momentum and made an attempt to settle above $85.

Natural Gas

Natural Gas
Natural Gas 130123 Daily Chart

Natural gas remains under pressure ahead of the weekend. Yesterday’s attempt to rebound was quickly sold, and natural gas moved closer to recent lows. The warm weather remains the key catalyst for natural gas markets. Without colder weather, natural gas markets will continue to move lower.


WTI Oil 130123 Daily Chart

WTI oil is moving towards the $80 level as traders hope that China’s demand will increase materially after the country eliminated its coronavirus-related restrictions. Today’s better-than-expected Consumer Sentiment report from the U.S. provided additional support to oil markets. RSI remains in the moderate territory, so there is plenty of room to gain additional upside momentum in the upcoming trading sessions.

Brent Oil

Brent Oil
Brent Oil 130123 Daily Chart

Brent oil is currently trying to settle above the psychologically important $85 level. Brent oil is also supported by the better-than-expected economic data from the Eurozone. While many analysts expect a mild recession, oil bulls hope that demand for oil will not get hit.

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

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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