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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains 1% As Traders Focus On Tight Supply

By:
Vladimir Zernov
Published: Sep 8, 2023, 18:04 GMT+00:00

There are no signs of profit-taking in the oil markets today as traders remain bullish ahead of the weekend.

Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Key Insights

  • Natural gas made an attempt to settle above the $2.65 level. 
  • WTI oil gained ground amid worries about tight supplies. 
  • Brent oil moved towards the $91.00 level. 

Natural Gas

Natural Gas
Natural Gas 080923 Daily Chart

Natural gas gains some ground as traders focus on the strikes at Australian LNG plants.

In case natural gas manages to settle above the resistance at $2.60 – $2.65, it will head towards the next resistance level, which is located at $2.80 – $2.85.

WTI Oil

WTI Oil
WTI Oil 080923 Daily Chart

WTI oil moved towards the recent highs as traders remained focused on production cuts from Saudi Arabia and Russia.

RSI is in the overbought territory but there is enough room to gain additional upside momentum in the near term.

Brent Oil

Brent Oil
Brent Oil 080923 Daily Chart

Brent oil has also moved higher amid worries about tight supply. U.S. purchases of oil for the Strategic Petroleum Reserve also serve as a positive catalyst for oil markets.

In case Brent oil stays above the $90.00 level, it will head towards the next significant resistance at $95.25 – $96.90.

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

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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