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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground On Production Disruptions In The GoM
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Key Points:
- Natural gas is moving higher as almost 30% of natural gas production in the GoM remains offline after hurricane.
- WTI oil climbed above $70.00, supported by production disruptions.
- Brent oil tested resistance at $72.50 - $73.00.
Natural Gas
Natural gas gains ground as traders stay focused on supply disruptions. Weather forecasts are somewhat bearish, but natural gas managed to stay above the $2.30 level.
A move above the $2.40 level will push natural gas towards the resistance at $2.55 – $2.60.
WTI Oil
WTI oil is moving higher, supported by supply disruptions in the U.S. Gulf of Mexico after Hurricane Francine.
In case WTI oil manages to settle above the $70.00 level, it will move towards the resistance at $72.00 – $72.50.
Brent Oil
Brent oil continues its attempts to settle above the resistance at $72.50 – $73.00. According to recent reports, about 20% of GoM crude oil production remains offline, which is bullish for oil prices.
A move above the $73.00 level will open the way to the test of the next resistance at $77.00 – $77.50.
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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