Crude Oil Prices Rose Slightly on Thursday

The West Texas Intermediate crude oil market rose a bit during the trading session on Thursday. The commodity tried to recoup some of the losses recorded on Wednesday after the release of disappointing inventory data. Indeed right now, the market moves are based on the issue of stimuli that the United States plans to approve. However, demand is a problem, and therefore one cannot get too excited. 

Analysts think that WTI prices are going to continue the same sideways movement that we have seen lately.

The Brent markets are also going up and down, with an unpromising scenario. It is a result of falling demand. Besides, OPEC + seems to continue increasing production. 

OPEC’s decision to continue with the cuts will have a significant impact on the market. However, analysts think it is going to go down. The level at $40 should attract some investors and will indeed offer some support.

To the upside, analysts think the $45 level and the 200 days EMA are more than likely to offer resistance. In the meantime, what we are going to see are doubts between these benchmarks. The stimuli could boost crude oil. That is why analysts recommend traders to be attentive to that issue, although surely the effect will only be in the short term.

Natural gas market has been going sideways too

The natural gas markets have rocked up and down during Thursday’s trading session, moving close to the $3.00 level. That level will surely be able to attract a large number of investors. Right now, several factors are driving the market upwards. The cold is reaching the northern hemisphere, and it will cause demand to increase drastically. 

Analysts think that the market is going to continue these ups and downs in the short term. It could even drop to the $2.80 level or even at $2.60. This is where the 50 day EMA stands.

Analysts advise traders to try to pick up value because the natural gas markets have already been rising for some time. In the last year, many producers have gone bankrupt, which should help reduce the excess reserves accumulated in the short term at least. Besides all, we are now in the time of year when natural gas rises regularly. Therefore, there is no reason to think that this year will be different. Analysts see the corrections as buying opportunities, at least until the beginning of trading the contracts that expire next spring.