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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground Amid Rising Geopolitical Risk Premium
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Key Points:
- Natural gas rallied as traders reacted to the EIA report.
- WTI oil moved higher as traders bet that Russia and Ukraine will not reach a peace deal anytime soon, which raises the possibility of additional sanctions on Russia.
- Brent oil climbed towards the $68.00 level.
Natural Gas
Natural gas rebounds as traders react to the EIA report, which indicated that working gas in storage increased by +13 Bcf from the previous week.
In case natural gas stays above the $2.80 level, it will head towards the resistance at $3.00 – $3.05.
WTI Oil
WTI oil gains ground as traders react to recent reports which indicate that Russia and Ukraine remain far from any kind of a peace deal.
From the technical point of view, WTI oil continues to consolidate after the pullback from July highs.
Brent Oil
Brent oil tests resistance at $67.50 – $68.00 as geopolitical risk premium is rising.
In case this test is successful, Brent oil will gain additional upside momentum and move towards the 50 MA at $69.35.
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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