Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back As Supply Concerns Ease

Key Insights

• Natural gas is trying to settle back above the $2.95 level. 
• WTI oil is under pressure as traders focus on the diplomatic efforts in the Middle East. 
• Brent oil moved below the $90.00 level. 

Natural Gas

Natural gas gains ground as traders take some profits off the table after the strong pullback.

From the technical point of view, natural gas needs to settle back above $3.05 to have a chance to gain upside momentum.

WTI Oil

WTI oil pulls back as traders focus on the diplomatic efforts in the Middle East. Traders bet that oil supply routes will remain safe.

In case WTI oil settles below the $86.00 level, it will head towards the next support, which is located in the $80.50 – $82.00 range.

Brent Oil

Brent oil is also losing ground as the worst-case scenario, which implies the spread of Israel – Hamas conflict to other Middle East countries, has not materialized.

A move below the support at $88.80 – $90.00 will open the way to the test of the next support at $84.00 – $85.30.

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