Natural Gas, WTI Oil, Brent Oil – Oil Markets Move Higher After CPI Data

natural gas

The EIA Weekly Natural Gas Storage Report was the main topic of discussion today among gas dealers. In contrast to the analyst estimate of -13 Bcf, the data showed that working gas in storage grew by 11 Bcf from the previous week. Following the publication of the EIA data, natural gas prices rose further as traders concentrated on projections that suggest the weather may get colder starting on January 23.

WTI Oil

WTI oil prices are increasing as traders anticipate more demand from China. Data on US inflation gave oil prices even more support. A less hawkish Fed will benefit oil markets because lower interest rates would ease economic pressure.

Brent Oil

As traders continue to concentrate on the reopening of China's economy, Brent oil is now attempting to settle above the 50 EMA at $84.55. If Brent oil is able to hold above this point, it will continue to rise and move in the direction of the next resistance level at $86.00.