Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Moves Higher As Traders Focus On Israel-Hamas Conflict

Key Insights

• Natural gas retreats as traders react to the EIA report. 
• WTI oil gains ground as Israel is reportedly ready to move into Gaza to fight against Hamas.
• Brent oil gained strong upside momentum amid rising geopolitical tensions.

Natural Gas

Natural gas pulls back as EIA report indicated that working gas in storage increased by 97 Bcf from the previous week, exceeding analyst expectations.

A move below the $3.00 level opens the way to the test of the next support level, which is located in the $2.80 – $2.85 range.

WTI Oil

WTI oil rebounded from session lows as traders focused on the reports indicating that Israel is ready for a ground operation against Hamas.

In case WTI oil stays above the $89.00 level, it will continue moving towards the next significant resistance at $92.50 – $94.00.

Brent Oil

Brent oil has also gained strong upside momentum as traders focused on the developments in the Middle East.

RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum.

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