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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Move Higher Despite Demand Worries
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Key Points:
- Natural gas rallied as traders focused on producers' plans to reduce output.
- WTI oil moved above $77.50 amid rising tensions in the Middle East.
- Brent oil rebounded towards the $83.00 level.
Natural Gas
Natural gas rebounds as Chesapeake Energy and other major producers signal that they will cut production due to low prices.
From the technical point of view, natural gas failed to settle below the support at $1.60 – $1.65, which is a bullish sign.
WTI Oil
WTI oil gained ground as traders focused on tensions in the Middle East. FOMC Minutes, which would be released soon, may have a material impact on oil markets.
WTI oil consolidates below the resistance at $79.00 – $80.00. A move above $80.00 will provide WTI oil with an opportunity to gain additional upside momentum.
Brent Oil
Brent oil rebounded from session lows and moved towards the $83.00 level as traders prepared for the release of FOMC Minutes.
The technical picture remains bullish but Brent oil needs to settle above $84.50 to gain sustainable momentum.
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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