Natural Gas, WTI Oil, Brent Oil – Oil Tests New Highs As Saudi Arabia Is Expected To Extend Output Cuts

Key Insights

• Natural gas continues its attempts to settle below the $2.60 level. 
• WTI oil moved above the $81 level as traders bet that Saudi Arabia would extend production cuts. 
• Brent oil settled above the $85 level. 

Natural Gas

Natural gas pulled back as traders remained focused on weather forecasts. At this point, the high demand for natural gas does not lead to higher prices.

From the technical point of view, natural gas remains stuck near the support level at $2.60 – $2.65.

WTI Oil

WTI oil tested new highs as traders expect that Saudi Arabia will keep its voluntary production cuts in place in September.

In case WTI oil settles above the resistance at $80.90 – $81.75, it will head towards the next resistance level, which is located in the $86.00 – $87.30 range.

Brent Oil

Brent oil is also moving higher as traders focus on tight supplies. China stimulus measures, which were announced last week, continue to provide support to oil markets.

A successful test of the resistance in the $85.10 – $86.00 range will push Brent oil towards the next resistance in the $88.80 – $90.00 area.

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