Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Rally As EU Plans Additional Sanctions On Russian Oil

Natural Gas

Natural gas rallied as traders focused on cold weather, which boosted demand for natural gas.

If natural gas climbs above the $3.40 level, it will head towards the next resistance level at $3.55 – $3.60.

WTI Oil

WTI oil rallied despite the bearish EIA report, which indicated that gasoline inventories increased by 5.1 million barrels from the previous week.

If WTI oil settles above the 50 MA at $70.32, it will move towards the resisance level at $72.00 – $72.50.

Brent Oil

Brent oil gains ground as EU plans additional sanctions on Russian oil. Traders bet that oil supply could decrease as a result of new sanctions, which will be bullish for oil.

A move above the 50 MA at $74.12 will push Brent oil towards the resistance at $77.00 – $77.50.

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