Natural Gas, WTI Oil, Brent Oil – Oil Prices Test New Highs

Key Insights

• Natural gas prices declined as traders reacted to the EIA report. 
• WTI oil tested new highs as traders remained bullish.
• Brent oil made an attempt to settle above the $81 level. 

Natural Gas

Natural gas pulled back after EIA report indicated that working gas in storage increased by 49 Bcf from the previous week.

From the technical point of view, natural gas continues its attempts to settle below the $2.60 level. In case these attempts are successful, natural gas will move towards the support at $2.35 – $2.40.

WTI Oil

WTI oil tested new highs as traders focused on demand forecasts from IEA, which showed that oil demand would hit a record high this year, and reacted to PPI reports from the U.S.

WTI oil tested resistance in the $76.10 – $76.90 range. If WTI oil climbs above $76.90, it will move towards the next resistance at $79.20 – $79.70.

Brent Oil

Brent oil has also moved higher in today’s trading session. U.S. inflation data provided additional support to oil markets as traders bet on a less hawkish Fed.

The current trend stays strong while RSI remains in the moderate territory, which is bullish for Brent oil.

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