Natural Gas, WTI Oil, Brent Oil – Oil Markets Rebound From Session Lows

Key Insights

• Natural gas declined towards the support at $2.35.
• WTI oil climbed above the $72 level. 
• Brent oil moved $76 level amid a broad rebound in the oil markets.

Natural Gas

Natural gas pulls back as the current demand stays low and weather forecasts remain uninspiring.

In case natural gas settles below the support at $2.35, it will move towards the next support level at $2.20. A move below this level will push natural gas towards the support at $2.00.

R1:$2.60 – R2:$2.85 – R3:$3.00

S1:$2.35 – S2:$2.20 – S3:$2.00

WTI Oil

WTI oil rebounded from session lows as traders bet that resumption of debt ceiling negotiations will provide support to riskier assets.

If WTI oil climbs above the $72.70 level, it will head towards the resistance at $74.00. A successful test of the resistance at $74.00 will push WTI oil towards the next resistance level at $75.70.

R1:$72.70 – R2:$74.00 – R3:$75.70

S1:$71.70 – S2:$70.30 – S3:$69.20

Brent Oil

Brent oil  has also managed to gain upside momentum amid a broad rebound in the oil markets.

If Brent oil climbs above $76.25, it will head towards the resistance at $77.50. A move above $77.50 will push Brent oil towards the next resistance level at $78.80.

R1:$76.25 – R2:$77.50 – R3:$78.80

S1:$75.50 – S2:$74.60 – S3:$73.50

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