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Natural gas is mostly flat after yesterday’s rebound. The hot weather did not provide additional support to natural gas markets.
Natural gas needs to climb above the resistance at $2.60 – $2.65 to continue the rebound. In case natural gas stays below the $2.60 level, it will head towards the support at $2.35 – $2.40.
WTI oil tests new highs as traders stay focused on the production cuts from Saudi Arabia and Russia.
In case WTI oil stays above the $81.75 level, it will gain additional upside momentum and move towards the resistance in the $86.00 – $87.30 range.
Brent Oil
Brent oil tested multi-month highs as traders remained focused on tight supply. It looks that production cuts have provided significant support to oil markets.
Brent oil has recently managed to climb above the $86 level. If Brent oil continues to trade above $86, it will head towards the resistance in the $88.80 – $90.00 range.
For a look at all of today’s economic events, check out our economic calendar.
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