Key Insights
- Natural gas remains stuck in the $2.65 – $2.80 range.
- WTI oil is moving towards the $80 level.
- Brent oil managed to climb above the $83 level.
Natural Gas
Natural gas is swinging between gains and losses as traders wait for additional catalysts. Demand is expected to drop at the start of the next month, so bulls need additional catalysts to push natural gas above the resistance at $2.80 – $2.85.
The technical picture remains unchanged as natural gas is stuck between the support at $2.65 and the resistance at $2.80.
WTI Oil
WTI oil tests new highs as traders bet that China’s stimulus measures will boost demand for oil.
From the technical point of view, WTI oil is moving towards the resistance at $80.85 – $81.75.
Brent Oil
Brent oil is also moving higher as bulls focus on the potential growth in China’s oil consumption.
RSI is close to the overbought territory, but there is enough room to gain additional upside momentum in the upcoming trading sessions.
For a look at all of today’s economic events, check out our economic calendar.
