Natural Gas, WTI Oil, Brent Oil – Oil Markets Test Multi-Month Highs

Key Insights

• Natural gas is mostly flat despite hot weather. 
• WTI oil tested new highs as traders remained focused on tight supplies. 
• Brent oil moved above the $86 level. 

Natural Gas

Natural gas is mostly flat after yesterday’s rebound. The hot weather did not provide additional support to natural gas markets.

Natural gas needs to climb above the resistance at $2.60 – $2.65 to continue the rebound. In case natural gas stays below the $2.60 level, it will head towards the support at $2.35 – $2.40.

WTI Oil

WTI oil tests new highs as traders stay focused on the production cuts from Saudi Arabia and Russia.

In case WTI oil stays above the $81.75 level, it will gain additional upside momentum and move towards the resistance in the $86.00 – $87.30 range.

Brent Oil

Brent oil tested multi-month highs as traders remained focused on tight supply. It looks that production cuts have provided significant support to oil markets.

Brent oil has recently managed to climb above the $86 level. If Brent oil continues to trade above $86, it will head towards the resistance in the $88.80 – $90.00 range.

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