Natural Gas, WTI Oil, Brent Oil – Natural Gas Gains Ground As Traders Bet On Warmer Weather

Key Insights

• Natural gas made an attempt to settle above the resistance at $2.35.
• WTI oil gained ground as crude inventories declined. 
• Brent oil moved towards the $77 level. 

Natural Gas

Natural gas is moving higher ahead of tomorrow’s EIA report. Weather forecasts imply hotter weather from June 15, which is bullish for natural gas.

The technical picture is unchanged as natural gas remains stuck in the $2.20 – $2.35 range.

R1:$2.35 – R2:$2.60 – R3:$2.85

S1:$2.20 – S2:$2.00 – S3:$1.80

WTI Oil

WTI oil gained ground as traders reacted to the EIA report, which showed that crude inventories declined by 0.5 million barrels from the previous week.

A move above $73.50 will push WTI oil towards the resistance at $74.70. On the support side, a successful test of the $71.70 level will open the way to the test of the next support at $70.30.

R1:$73.50 – R2:$74.70 – R3:$76.00

S1:$71.70 – S2:$70.30 – S3:$69.20

Brent Oil

Brent oil tested the resistance at $77.50 amid a broad rebound in the oil markets. Traders bet that OPEC+ production cuts will provide sufficient support to oil prices.

If Brent oil settles above the $77.50 level, it will head towards the resistance at $78.50. A move above $78.50 will push Brent oil towards the $79.75 level.

R1:$77.50 – R2:$78.50 – R3:$79.75

S1:$75.50 – S2:$74.60 – S3:$73.50

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