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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Dives 5.6% As Geopolitical Risk Premium Falls
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Key Points:
- Natural gas is under strong pressure as traders focus on high production levels.
- WTI oil suffered a sell-off as traders focused on the developments in the Middle East.
- Brent oil pulled back below the $72.00 level.
Natural Gas
Natural gas is losing ground as traders focus on high production and switch to the next month’s contract.
RSI remains in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.
WTI Oil
WTI oil is under strong pressure as Israel’s strike did not target Iran’s oil infrastructure.
A successful test of the support at $67.00 – $67.50 will open the way to the test of the next support level at $63.50 – $64.00.
Brent Oil
Brent oil is losing ground as traders react to the developments in the Middle East.
A move below the $71.00 level will open the way to the test of the support at $67.50 – $68.00.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
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