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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Moves Higher Amid Rising Geopolitical Risk Premium
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Key Points:
- Natural gas rallied as traders reacted to the EIA report.
- WTI oil gained ground as traders focused on potential sanctions on Russia.
- Brent oil settled above the $68.00 level.
Natural Gas
Natural gas gains ground as traders react to the EIA report, which indicated that working gas in storage increased by +18 Bcf from the previous week, compared to analyst forecast of +26 Bcf.
If natural gas settles above the resistance at $3.00 – $3.05, it will head towards the next resistance at $3.25 – $3.30.
WTI Oil
WTI oil gained ground as President Trump will soon make an additional statement on negotiations with Russia.
From the technical point of view, WTI oil is moving towards the nearest resistance, which is located in the $66.00 – $66.50 range.
Brent Oil
Brent oil climbed back above the $68.00 level as traders focused on geopolitical developments.
If Brent oil settles above the 50 MA at $68.56, it will head towards the resistance 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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