Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As U.S. Imposes New Iran-Related Sanctions

Natural Gas

Natural gas pulls back as traders react to the EIA report, which indicated that working gas in storage increased by +9 Bcf from the previous week.

If natural gas manages to settle below the support at $4.00 – $4.05, it will head towards the next support level at $3.70 – $3.75.

WTI Oil

WTI oil is moving higher as the U.S. has recently imposed new Iran-related sanctions, targeting an independent refinery in China and vessels that were used to transport oil.

If WTI oil settles above the $68.00 level, it will move towards the $70.00 level. RSI is in the moderate territory, and there is enough room to gain momentum in the near term.

Brent Oil

Brent oil is trying to settle above the resistance at $71.00 – $71.50 as traders focus on Iran-related sanctions.

In case this attempt is successful, Brent oil will move towards the 50 MA at $74.98.

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