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Natural gas made another attempt to settle above the resistance at $2.80 – $2.85 but failed to develop sufficient upside momentum and pulled back.
Employees at Chevron’s Australian LNG facilities have recently rejected a pay deal, but supply worries did not provide additional support to natural gas prices.
WTI oil tested new highs as traders remained focused on production cuts, which are expected to offset the negative impact from China’s problems.
RSI is close to the overbought territory, but there is enough room to gain additional upside momentum in case the right catalysts emerge.
Brent Oil
Brent oil has also moved higher as traders bet that oil markets will get tighter in the upcoming months.
The nearest resistance level for Brent oil is located in the $88.80 – $90.00 range. A move above the $90 level will provide Brent oil with an opportunity to gain additional upside momentum.
For a look at all of today’s economic events, check out our economic calendar.
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