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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As Drones Attack Oil Fields In Iraq
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Key Points:
- Natural gas is moving lower as traders focus on the EIA report.
- WTI oil gained ground as traders focused on Middle East tensions.
- Brent oil moved towards the $69.50 level.
Natural Gas
Natural gas pulls back as traders react to the EIA report, which indicated that working gas in storage increased by +46 Bcf from the previous week.
If natural gas settles back below the $3.50 level, it will head towards the support level at $3.35 – $3.40.
WTI Oil
WTI oil gains ground as traders focus on the devlopments in the Middle East. Recent reports indicate that drones attakced oil fields in Iraqi Kurdistan.
The technical picture remains bullish as WTI oil settled above the support level at $66.00 – $66.50.
Brent Oil
Brent oil is moving towards the $70.00 level as geopolitical risk premium increased.
A move above $70.00 will push Brent oil towards the resistance level at $71.00 – $71.50.
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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