Natural Gas Moves Higher As Supply Declines
Natural gas gains ground as traders focus on Hurricane Isaias, which has shut down some production in the Gulf.
Currently, natural as is trying to settle above the resistance at $3.20 – $3.25. If natural gas manages to settle above the $3.25 level, it will head towards the next resistance at $3.40 – $3.45.
On the support side, a move below the $3.15 level will open the way to the test of the support at $3.00 – $3.05.
WTI Oil Gains Ground As Rebound Continues
WTI oil is moving higher as traders stay focused on risks of additional escalation in the Middle East.
The day is calm, and there are no major news about U.S. – Iran talks. At this point, Iran is not ready for serious negotiations about its nuclear program, which was the key reason for the military operation against the country.
In this light, the probability of another round of war in the Middle East is rising. President Trump has reiterated that Iran should not have a nuclear weapon. Thus, the U.S. will have to find ways to solve the problem. Iran is not ready for concessions despite economic pressure, so a military operation looks like a viable option.
The nearest resistance level for WTI oil is located in the $92.50 – $93.00 range. If WTI oil climbs above the $93.00 level, it will head towards the next resistance, which is located in the $96.50 – $97.00 range. A move above the $97.00 level will open the way to the test of the psychologically important $100.00 level. RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.
Natural Gas Price Forecast
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See all Natural Gas forecastsBrent Oil Attempts To Climb Above The $105.00 Level
Brent oil is moving higher as traders wait for news from the Middle East and evaluate the challenging situation in diesel markets. According to recent reports, Trump plans additional measures to reduce the price of diesel in the U.S.
Meanwhile, European countries prepare to release diesel from strategic reserves to ease the pressure on local markets. Germany is expected to release up to 15 million barrels of oil and petroleum products. It remains to be seen whether such measures would work in case of additional escalation in the Middle East.
Brent oil settled above the previous resistance level at $101.50 – $102.00 and is trying to settle above the $105.00 level. If Brent oil climbs above $105.00, it will head towards the resistance at $109.00 – $109.50. This resistance level has been tested many times and proved its strength. A move above the $109.50 level may trigger a strong rally.
On the support side, a move below the support at $101.50 – $102.00 will push Brent oil towards the $101.00 level. If Brent oil settles below $100.00, it will head towards the next support at $97.00 – $97.50.
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