Natural Gas, WTI Oil, Brent Oil – WTI Oil Rallies Above The $75 Level
- Natural gas climbed back above the $2.20 level.
- WTI oil moved above the $75 level as Kurdistan’s oil exports remained halted.
- Brent oil is heading towards the psychologically important $80 level.
Natural gas rebounded above the $2.20 level as traders bet on rising demand next week. The nearest significant resistance level for natural gas is located at the 20 EMA at $2.32. A move above this level will push natural gas towards the $2.50 level.
WTI oil moved above the $75 level as traders remained focused on the situation in Kurdistan. The region’s exports have been recently halted, and producers have been forced to shut output at some oilfields.
Brent oil is heading towards the psychologically important $80 level amid supply worries. A move above the $80 level will push Brent oil to the test of the 50 EMA at $80.65. From a big picture point of view, oil markets have rebounded from the sell-off which was triggered by the banking crisis. Thus, oil will likely need additional positive catalysts to continue its rebound.
For a look at all of today’s economic events, check out our economic calendar.