Natural Gas, WTI Oil, Brent Oil – Oil Pulls Back As Traders Take Profits Near Multi-Month Highs - FX Empire
Natural Gas, WTI Oil, Brent Oil - Oil Pulls Back As Traders Take Profits Near Multi-Month Highs
Natural Gas, WTI Oil, Brent Oil – Oil Pulls Back As Traders Take Profits Near Multi-Month Highs
Key Insights
- Natural gas rallied as traders focused on rising demand.
- WTI oil pulled back on profit-taking.
- Brent oil declined below the $85.50 level.
Natural Gas
Natural gas gained strong upside momentum as traders focused on hot weather forecasts.
Natural gas is moving towards the resistance in the $2.80 – $2.85 range. This resistance level has already been tested many times and proved its strength, so natural gas may need additional catalysts to settle above $2.85.
WTI Oil
WTI oil pulls back as traders take some profits off the table near multi-month highs.
The general trend remains bullish as traders stay focused on production cuts from Saudi Arabia and Russia. RSI is in the moderate territory, and there is plenty of room to gain additional momentum.
Brent Oil
Brent oil has also moved lower amid a broad pullback in the oil markets. It should be noted that this pullback is not strong as there are no bearish catalysts in play.
From the technical point of view, Brent oil needs to settle above the resistance at $85.10 – $86.00 to gain additional momentum.
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Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.