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Key Insights

  • Natural gas is trading below the $2.60 level due to bearish weather forecasts. 
  • WTI oil rallied towards $71.50 as traders focused on the results of the meeting between Saudi Arabia and Russia. 
  • Brent oil climbed above $76.00 amid a broad rebound in the oil markets.

Natural Gas


Natural Gas 081223 Daily Chart

Natural gas is swinging between gains and losses as traders wait for additional catalysts. The bullish EIA report did not provide material support to natural gas markets as weather forecasts remained bearish.

The nearest resistance level for natural gas is located in the $2.60 – $2.65 range. A move above $2.65 will push natural gas towards the next resistance at $2.80 – $2.85.

WTI Oil


WTI Oil 081223 Daily Chart

WTI oil is moving higher as traders react to the recent meeting between Russia and Saudi Arabia. Both countries called for all OPEC+ members to join production cuts.

If WTI oil settles above the $71.50 level, it will move towards the nearest resistance, which is located in the $73.00 – $74.00 range.

Brent Oil


Brent Oil 081223 Daily Chart

Brent oil is gaining ground as traders bet on a rebound after the strong pullback from September highs. Bulls hope that OPEC+ production cuts would help stabilize the market.

A move above the $76.50 level will push Brent oil towards the resistance at $77.50 – $78.25.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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Source: Nasdaq

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