Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground Amid Tensions In Red Sea

Key Insights

• Natural gas managed to rebound from session lows and settled near the $2.50 level. 
• WTI oil continues its attempts to settle above the $84.00 level. 
• Brent oil climbed above $79.00 amid supply worries.

Natural Gas

Natural gas rebounded from session lows, although traders remained worried about high production and mild weather.

In case natural gas settles above the $2.50 level, it will move towards the nearest resistance at $2.60 – $2.65.

WTI Oil

WTI oil continues its attempts to settle above the resistance at $73.00 – $74.00 amid tensions in Red Sea.

RSI remains in the moderate territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

Brent Oil

Brent oil  tested new highs amid supply worries. At this point, there’s no impact on the flow of oil in the Middle East, but transportation costs have increased due to longer journeys.

From the technical point of view, Brent oil is trying to settle above the resistance at $77.50 – $78.25. A move above $80.00 will push Brent oil towards the next resistance at $83.50 – $84.50.

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