Natural Gas, WTI Oil, Brent Oil – Oil Rallies On Kurdistan Export Halt
Key Insights
- Natural gas prices are heading towards the psychologically important $2.00 level.
- The halt of oil exports from the semi-autonomous Kurdistan region pushed WTI oil towards the $72.50 level.
- Brent oil settled above the $77 level and is moving towards the 20 EMA at $78.15.
Natural Gas
Natural gas is moving towards the $2.00 level due to the recent changes in weather forecasts. The weather is expected to get warmer, which is bearish for natural gas.
WTI Oil
WTI oil rallied towards the $72.50 level as traders reacted to the halt of crude oil exports from the Kurdistan region, which previously averaged about 450,000 bpd. Rising demand for riskier assets served as an additional positive catalyst for oil markets.
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Brent Oil
Brent oil moved closer to the 20 EMA, which is located at $78.15. RSI remains in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge. If Brent oil settles above the 20 EMA, it will head towards the psychologically important $80.00 level.
For a look at all of today’s economic events, check out our economic calendar.