Natural gas futures markets are closed today in observance of the Independence Day holiday.
Natural gas has a good chance to test the $2.85 level in the upcoming days. A move above the $2.85 level will open the way to the test of the next resistance at $3.10 – $3.20.
WTI oil continues to move higher as traders react to additional production cuts from Saudi Arabia and Russia.
Currently, WTI oil is trying to settle above the 50 MA at $71.60. If this attempt is successful, WTI oil will head towards the resistance in the $72.45 – $73.15 range.
Brent oil is also moving higher as traders bet that production cuts will provide additional support to prices.
Brent oil has already settled above the 50 MA, which is a bullish development. RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum.
For a look at all of today’s economic events, check out our economic calendar.