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Natural Gas, WTI Oil, Brent Oil – WTI Oil Tests The $70 Level
As traders dismiss concerns about a recession, oil prices are continuing their recovery from recent lows.
natural gas
Following yesterday's retracement, natural gas is going higher as traders respond to the EIA report, which showed that working gas in storage grew by 76 Bcf from the previous week.
The technical situation has not changed, and after the last rise, natural gas is stabilizing in the $2.60 - $2.85 zone.
WTI Oil
As traders continue to concentrate on the upbeat EIA data, which was released on Wednesday, WTI oil makes some progress.
For WTI oil to continue its recovery, it must stabilize above the $70.50 mark. If so, WTI oil will move toward the next level of resistance, which is between $72.45 and $73.15 at this time.
Brent Oil
As speculators disregard rising yields, Brent oil is also climbing. The positive US GDP figure has also helped today's oil markets.
Brent oil needs to move over the $75.15 mark in order to have a chance to pick up steady momentum, although the support area in the $71.55 - $72.05 range has demonstrated its strength.
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