Natural Gas, WTI Oil, Brent Oil – Oil Rebounds As Wildfires In Canada Shut Production

Key Insights

• Natural gas tests resistance at $2.35.
• WTI oil rebounds as traders focus on tighter supplies. 
• Brent oil tries to settle above the $75.50 level. 

Natural Gas

Natural gas gains ground as traders focus on the declining rig count. Interestingly, traders ignore disappointing weather forecasts, which indicates that the market sentiment is bullish.

A move above the $2.35 level will push natural gas towards the resistance at $2.60. In case natural gas climbs above $2.60, it will head towards the next resistance at $2.85.

R1:$2.35 – R2:$2.60 – R3:$2.85

S1:$2.20 – S2:$2.00 – S3:$1.80

WTI Oil

WTI oil moved higher as traders focused on the news from Canada. Wildfires shut about 300,000 boepd of production, which served as a bullish catalyst for oil prices.

In case WTI oil climbs back above the $71.70 level, it will head towards the resistance at $72.70. A move above this level will open the way to the test of the next resistance at $74.00.

R1:$71.70 – R2:$72.70 – R3:$74.00

S1:$70.30 – S2:$69.20 – S3:$68.00

Brent Oil

Brent oil is trying to settle above the $75.50 level amid a broad rebound in the oil markets.

In case Brent oil climbs above $75.50, it will head towards the next resistance at $76.25. On the support side, a move below $74.60 will push Brent oil towards the support at $73.70.

R1:$75.50 – R2:$76.25 – R3:$77.50

S1:$74.60 – S2:$73.70 – S3:$72.90

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