Natural Gas, WTI Oil, Brent Oil – Oil Markets Move Higher Ahead Of The Chinese New Year
Key Insights
- Natural gas prices moved away from multi-month lows as demand should increase at the end of this month.
- Oil markets continue to move higher as traders bet on rising China demand.
- WTI oil and Brent oil look ready to test weekly highs.
Natural Gas
Natural gas rebounds from multi-month lows as traders take some profits off the table. Demand for natural gas is expected to increase at the end of this month, but it remains to be seen whether it will be sufficient enough to push natural gas prices to higher levels.
WTI Oil
WTI oil gained ground ahead of the weekend as traders focused on the recovery of the Chinese economy. At this point, it looks that China has avoided the worst-case scenario after the country abruptly eliminated its zero-COVID policy. Next week, China’s demand for oil will rise as the country would celebrate the Chinese New Year, which is bullish for oil markets.
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Brent Oil
Brent oil is currently trying to settle above the $87 level. The next resistance level for Brent oil is located at the recent highs near the $88 level. A move above this level will open the way to the test of the resistance at $89.30.
For a look at all of today’s economic events, check out our economic calendar.