WTI crude held at $69.09 on Friday, defending its 50-period EMA as OPEC+ supply discipline met growing U.S. shale output. Brent held $72.34 and natural gas traded at $3.232, with all three showing a neutral-to-bullish technical bias.
WTI crude traded at $69.09 on the 2-hour chart, defending its 50-period EMA at $69.01 after being turned back at the 100-period EMA of $70.45. Buyers absorbed selling above support, leaving RSI near 55 and a neutral-to-bullish stance. The $68.78-$70.11 zone now acts as a significant pivot for the contract.
A balanced oil market
The broader oil picture reflects a delicate balance between OPEC+ compliance and growing non-OPEC production from the U.S. and other regions. Refinery runs stayed strong as demand for transportation fuels and chemicals held up. U.S. crude stocks changed little this week, with operational inventories at major hubs sitting near working minimum levels.
That backdrop kept WTI's next resistance at $71.15-$72.44 in focus. The general trend still points down, yet the market's bias leans neutral-to-bullish because the asset holds above its 50-period EMA and keeps printing higher lows. Traders weighing how to trade oil are watching whether buyers can push through that band.
Brent probes its channel floor
Brent held $72.34, probing the floor of its descending channel at $72.48 after pulling back from the red moving average at $78.27. The limited downside follow-through, as the candle bounced off the floor, suggests buyers are stepping in above support to absorb selling.
RSI sat around 50, a neutral reading, while the $73-$74 region now marks potential fair value on the volume profile. Price must clear the $74.49-$76.08 resistance before advancing further.
Natural gas holds its uptrend
Natural gas futures changed hands at $3.232 on the 2-hour NYMEX chart, bouncing from the 50-period EMA at $3.218 inside an ascending channel. RSI near 51 suggested buyers had lost some momentum, with the $3.12 region marking significant demand on the volume profile.
U.S. natural gas production continues to climb to new records as associated gas and direct-gas drilling increase, keeping the market well supplied for LNG and domestic use. The uptrend stays intact while price holds above the $3.099 swing low, with the next resistance at $3.229-$3.260.
Source: FXEmpire
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