Natural Gas, WTI Oil, Brent Oil – Oil Markets Rebound After Yesterday’s Pullback

Key Insights

• Natural gas is trying to settle above the $2.65 level as traders focus on hotter weather.
• WTI oil rebounded as EIA noted that U.S. oil production could decline in August. 
• Brent oil moved back towards the $80 level. 

Natural Gas

Natural gas moved back above the $2.60 level as traders focused on bullish changes in weather forecasts.

In case natural gas settles above the $2.65 level, it will head towards the next resistance, which is located in the $2.80 – $2.85 range.

WTI Oil

WTI oil gained ground as traders focused on the projections of the EIA, which indicated that domestic oil production could decline in August.

Currently, WTI oil is moving towards the $76 level. A successful test of this level will open the way to the test of the resistance in the $76.80 – $77.30 range.

Brent Oil

Brent oil received support in the $78.00 – $78.45 area and moved back towards the $80 level.

RSI is in the moderate territory, and there is plenty of room to gain additional momentum in the upcoming trading sessions.

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