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As traders bet on a rebound following the most recent pullback, WTI oil was able to settle back above the $76 mark. The price of WTI crude oil has increased by +2.70% to $76.78. At $80.14, Brent crude has increased by +2.45%. As news of a lightning strike at the Columbia Gulf gas pipeline circulates, natural gas prices rise.
WTI oil rises as traders dismiss concerns about a recession. The price of Brent oil rises again above $80.00. Following news that a lightning strike had occurred on the Columbia Gulf gas pipeline, natural gas prices rose.
Natural gas will move towards the resistance of $2.60 if it maintains its price above $2.35. Natural gas will be pushed towards the $2.80 level if it rises above $2.60.
WTI oil is still on the rise as demand for riskier assets rises. Investors wager that this year’s developed economies won’t experience a recession. WTI oil will move towards the next resistance level at $77.90 if it settles above the resistance at $77.00. If this level is successfully tested, WTI oil will move in the direction of the resistance at $79.20.
In today’s trading session, Brent oil is up more than 2% as investors bet on a recovery from the recent slump. Brent oil will go towards the $81.50 resistance level if it rises above $80.50. If this level is successfully tested, the resistance at $82.80 will then be tested.
According to Baker Hughes’ latest data released on Friday, the total number of active drilling rigs in the United States increased by 2 this week after increasing by 5 the previous week.
This week, the total number of rigs increased to 755, which is 57 more than it was at the same time in 2022 but still 320 fewer than it was at the start of 2019, before the pandemic.
This week, the number of oil rigs in the US remained unchanged at 591. For the second week running, the number of gas rigs increased by 2, to 161. Other rigs also remained the same. The number of rigs in the Permian Basin increased by three, while those in the Eagle Ford decreased by one.
