Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As Ukrainian Drones Hit Two Tankers Heading To Russia

Natural Gas

Natural gas is swinging between gains and losses as traders take some profits off the table after Friday’s rally and focus on weather forecasts. Current demand for natural gas is high, which is bullish for natural gas markets.

In case natural gas climbs above the $4.90 level, it will move towards the nearest resistance, which is located in the $5.00 – $5.05 range.

WTI Oil

WTI oil gained ground as Ukraine hit two oil tankers which were heading to Russia’s Novorossiysk. The recent attack on Novorossiysk terminal served as an additional positive catalyst for oil markets.

The nearest resistance level for WTI oil is located in the $60.00 – $60.50 range. A move above the $60.50 level will push WTI oil towards the $62.50 level.

Brent Oil

Brent oil is moving higher as geopolitical risk premium increased after Ukraine’s attacks on oil tankers.

If Brent oil stays above the $63.00 level, it will move towards the nearest resistance, which is located in the $64.50 – $65.00 range.

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