Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Dives As Qatar Says Israel Has Agreed To A Cease-Fire

Key Insights

• Natural gas pulls back after EIA report. 
• WTI oil has recently gained strong downside momentum as Qatar noted that Israel was ready for a cease-fire deal while Hamas was studying the proposal.
• Brent oil pulled back below the $79.00 level. 

Natural Gas

Natural gas pulls back as traders react to the EIA Weekly Natural Gas Storage report, which indicated that working gas in storage declined by 197 Bcf from the previous week.

In case natural gas declines below the support at $1.95 – $2.00, it will move towards the next support level, which is located in the $1.60 – $1.65 range.

WTI Oil

WTI oil gained strong downside momentum after Qatar said that Israel was ready for a cease-fire deal in Gaza.

In case WTI oil declines below the support at $73.00 – $74.00, it will head towards the next support level at $68.00 – $69.00.

Brent Oil

Brent oil is also moving lower as traders react to geopolitical developments. A cease-fire deal in Gaza will reduce the risk premium for oil.

A successful test of the support at $77.50 – $78.25 will push Brent oil towards the next support level at $72.50 – $73.50.

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