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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As Driving Season Starts
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Key Points:
- Natural gas markets have suffered a sell-off at the end of last week, but bulls hope that hot summer would boost demand.
- WTI oil gains ground as traders bet that driving season would provide sufficient support to prices.
- Brent oil is trying to settle above the $83.00 level.
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Natural Gas
Natural gas markets have pulled back from multi-month highs as traders took profits after the strong rebound from May lows.
High inventory levels serve as the key bearish catalyst for natural gas, but bulls bet that hot summer would boost demand and push prices higher.
WTI Oil
WTI oil continues to rebound from recent lows. Traders increase their long positions as the driving season begins.
The technical picture remains unchanged as WTI oil needs to settle above $80.00 to have a chance to gain sustainable momentum.
Brent Oil
Brent oil is trying to climb above the $83.00 level amid a broad rebound in the oil markets.
RSI is in the moderate territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir ZernovFutures Trading Expert
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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