Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Dives 5% As Iran’s Retaliatory Strike Is Weak

Natural Gas

Natural gas settled below the previous support level at $3.85 – $3.90 and is trying to settle below the 50 MA at $3.74.

In case this attempt is successful, it will get to the test of the support level at $3.60 – $3.65.

WTI Oil

WTI oil is under strong pressure as traders react to Iran’s attack on U.S. military base in Qatar. Traders view the attack as weak, which means that Iran is not ready for additional escalation and will not deal damage to oil routes in the region.

If WTI oil settles below the $70.00 level, it will move towards the next support level, which is located in the $66.00 – $66.50 range.

Brent Oil

Brent oil has also suffered a strong sell-off as traders reacted to the developments in the Middle East.

A move below the $73.00 level will open the way to the test of the support level at $71.00 – $71.50.

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