Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back As Gaza Ceasefire Talks Continue

Natural Gas

Natural gas gained some ground as the rebound continued. From a big picture point of view, natural gas needs additional catalysts to gain upside momentum.

The resistance at $1.95 – $2.00 stays strong, although natural gas prices may test it in the upcoming trading sessions.

WTI Oil

WTI oil moved lower as negotiations for a ceasefire in Gaza continued. Interestingly, Iran noted that it could close the Strait of Hormuz if necessary, but traders did not take this threat seriously.

In case WTI oil settles below the $85.00 level, it may gain additional downside momentum as some traders would rush to take profits off the table.

Brent Oil

Brent oil has also moved lower amid a broad pullback in the oil markets. In the near term, traders will stay focused on the news from the Middle East.

RSI has moved back into the moderate territory, so Brent oil has plenty of room to gain momentum in case the right catalysts emerge.

For a look at all of today’s economic events, check out our economic calendar.