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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back As Traders Ignore Iran-Related Supply Risks
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Key Points:
- Natural gas prices soared as traders focused on high demand and prepared for the expiration of the February contract.
- WTI oil moved lower as geopolitical risk premium did not increase over the weekend.
- Brent oil failed to settle above the $66.50 level.
Natural Gas
Natural gas prices soared as traders reacted to cold weather and focused on high demand. The February contract expires soon, boosting volatility.
A move above the $7.00 level will push natural gas back towards the resistance at $7.40 – $7.45.
WTI Oil
WTI oil pulled back despite Iran-related worries. The geopolitical risk premium did not increase as nothing happened over the weekend.
From the technical point of view, WTI oil needs to settle above the resistance at $60.00 – $60.50 to gain additional upside momentum in the near term.
Brent Oil
Brent oil made an attempt to settle above the $66.50 level but lost momentum and pulled back.
A move below the $64.50 level will push Brent oil towards the 50 MA at $62.70.
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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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