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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground Amid Rising Tensions In The Middle East

By:
Vladimir Zernov
Published: Jan 5, 2024, 18:20 UTC

Oil traders focus on geopolitical developments ahead of the weekend.

Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Key Insights

  • Natural gas found support near $2.70 and rebounded towards the $2.85 level. 
  • WTI oil gained ground as traders reacted to Maersk decision to divert its ships from Red Sea. 
  • Brent oil moved higher amid rising tensions between Israel and Lebanon.

Natural Gas

Natural Gas
Natural Gas 050124 Daily Chart

Natural gas remains volatile as traders stay focused on the fluctuations in weather forecasts.

A move above the $2.85 level will push natural gas towards the next resistance at $3.00 – $3.05.

WTI Oil

WTI Oil
WTI Oil 050124 Daily Chart

WTI oil is moving higher as traders focus on rising tensions in the Middle East. Maersk has decided to stop using Red Sea routes for the foreseable future, so traders worried about the safety of oil supplies in the region.

In case WTI oil settles above the $74.00 level, it will head towards the next resistance at $79.00 – $80.00.

Brent Oil

Brent Oil
Brent Oil 050124 Daily Chart

Brent oil gains ground amid worries about potential escalation on the border between Israel and Lebanon. These risks have existed for several months, but they increased after Israel delivered a strike on deputy Hamas chief in Lebanon’s Beirut.

If Brent oil settles above the resistance at $77.50 – $78.25, it will move towards the next resistance level at $83.50 – $84.50.

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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