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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As Two Kazakh Fields Shut Production
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Key Points:
- Natural gas soared, supported by cold weather forecasts and a massive short squeeze.
- WTI oil moved higher as traders focused on supply risks.
- Brent oil climbed above the $65.00 level.
Natural Gas
Natural gas soared as cold weather forecasts triggered a massive short squeeze. Currently, natural gas is trying to settle above the resistance at $4.95 – $5.00.
In case this attempt is successful, natural gas will head towards the next resistance level, which is located in the $5.25 – $5.30 range.
WTI Oil
WTI oil gains ground as traders react to the temporary shutdown of two oil fields in Kazakhstan.
A successful test of the resistance at $60.00 – $60.50 will open the way to the test of the $62.50 level. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.
Brent Oil
Brent oil is moving higher as traders focus on supply risks. From a big picture point of view, rising geopolitical tensions continue to provide support to oil markets.
If Brent oil stays above the $65.00 level, it will head towards recent highs near the $67.00 level.
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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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