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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Prices Test Weekly Highs
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Key Points:
- Natural gas rallied 5% as traders focused on cold weather forecasts.
- WTI oil attempts to settle above the psychologically important $60.00 level.
- Brent oil gained some ground ahead of the weekend.
Natural Gas
Natural gas rallied as traders focused on cold weather, which will drive demand higher.
A successful test of the resistance at $5.45 – $5.50 will open the way to the test of the next resistance level at $5.90 – $5.95.
WTI Oil
WTI oil gains some ground as traders prepare for Fed Interest Rate Decision, which will be released next week.
A move above the $60.50 level will open the way to the test of October highs near the $63.00 level.
Brent Oil
Brent oil is also moving higher as traders stay focused on lack of progress in Ukraine peace talks.
The technical picture remains unchanged as Brent oil needs to settle above the $65.00 level to gain sustainable 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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