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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back 4% As Israel And Iran Agree To Cease Fire
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Key Points:
- Natural gas attempts to settle below the $3.55 level.
- WTI oil pulled back below the $65.00 level amid ceasefire between Israel and Iran.
- Brent oil declined towards the $67.00 level.
Natural Gas
Natural gas tests new lows as traders focus on the situation in global markets. Prices are moving lower due to ceasefire in the Middle East, which means that demand for U.S. LNG may fall.
In case natural gas stays below the support at $3.60 – $3.65, it will head towards the next support level at $3.35 – $3.40.
WTI Oil
WTI oil tests new lows as traders react to surprising developments in the Middle East. Geopolitical premium declined as Israel and Iran agreed to cease fire after 12 days of fighting.
A move below the 50 MA at $63.69 will open the way to the test of the support level at $62.00 – $62.50.
Brent Oil
Brent oil tests support at $67.50 – $68.00 amid strong pullback in the oil markets.
In case this test is successful, Brent oil will head towards the next support level at $63.50 – $64.00.
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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