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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Gain 1% Amid Lack Of Progress In Ukraine Peace Talks
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Key Points:
- Natural gas tests new highs as traders focus on the EIA report.
- WTI oil gained ground as geopolitical risk premium increased.
- Brent oil managed to settle back above the $63.00 level.
Natural Gas
Natural gas gains ground as traders react to the EIA Weekly Natural Gas Storage report, which indicated that working gas in storage decreased by -12 Bcf from the previous week.
In case natural gas climbs above the resistance at $5.00 – $5.05, it will move towards the next resistance level at $5.45 – $5.50.
WTI Oil
WTI oil is moving higher as traders focus on lack of progress in Ukraine peace talks.
A successful test of the resistance at $60.00 – $60.50 will open the way to the test of the next resistance level at $66.00 – $66.50.
Brent Oil
Brent oil gains groound as traders bet that Russia and Ukraine would not reach a peace deal anytime soon.
From the technical point of view, Brent oil needs to settle above the $65.00 level to gain additional upside momentum in the near term.
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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