Natural Gas, WTI Oil, Brent Oil – Oil Tests Multi-Month Highs

Key Insights

• Natural gas moved towards the $3.00 level as traders focused on rising temperatures. 
• WTI oil tested new highs after the release of the EIA report. 
• Brent oil made an attempt to settle above $87.50.

Natural Gas

Natural gas tested multi-month highs as traders focused on hot weather, which boosts demand for natural gas.

Natural gas managed to climb above the $2.85 level and is moving towards the resistance at $3.05 – $3.10. RSI remains in the moderate territory, which is bullish for natural gas.

WTI Oil

WTI oil tested new highs as EIA report indicated that U.S. has started buying oil for the Strategic Petroleum Reserve.

The market sentiment remains bullish, and WTI oil is moving towards the next resistance level, which is located in the $86.00 – $87.30 range.

Brent Oil

Brent oil has also managed to gain strong upside momentum as traders bet that U.S. would continue to buy oil for reserves, pushing prices higher.

In case Brent oil settles above $87.00 level, it will head towards the resistance at $88.80 – $89.00.

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