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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Is Under Strong Pressure As Geopolitical Premium Declines
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Key Points:
- Natural gas rallied as traders focused on recent changes in weather forecasts.
- WTI oil is down by more than 3% as Israel may agree to a ceasefire deal with Hezbollah.
- Brent oil pulled back towards the $73.00 level.
Natural Gas
Natural gas gains ground as traders focus on colder weather forecasts and bet on rising demand.
In case natural gas settles above the $3.40 level, it will head towards the resistance at $3.55 – $3.60.
WTI Oil
WTI oil retreats as geopolitical premium declines due to the potential ceasefire between Israel and Hezbollah.
If WTI oil stays below the $69.00 level, it will head towards the support level at $67.00 – $67.50.
Brent Oil
Brent oil is losing ground as traders react to the recent developments in the Middle East.
A move below the $73.00 level opens the way to the test of the support level at $71.00 – $71.50.
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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