Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back As Traders Take Profits After Rally

Natural Gas

Natural gas pulls back as traders take profits after the strong rebound from August lows.

If natural gas settles back below the $2.15 level, it will head towards the nearest support, which is located in the $2.00 – $2.05 range.

WTI Oil

WTI oil is losing ground amid profit-taking. From a big picture point of view, traders stay focused on the situation in the Middle East. According to recent reports, Iranian officials want a Gaza ceasefire deal, which may lead to de-escalation of tensions. However, it is not clear whether such a deal could be reached in the near term.

From the technical point of view, WTI oil did not manage to settle above the nearest resistance at $79.00 – $80.00.

Brent Oil

Brent oil is losing ground amid broad pullback in the oil markets. The recent rally was driven by expectations of an Iranian attack on Israel. As Iran did not attack, some traders decided to close their long positions.

A move below the $80.00 level will push Brent oil towards the support at $77.00 – $78.00.

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