Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back From Session Highs

Key Insights

• Natural gas continues its attempts to settle above the resistance at $3.22 – $3.28.
• WTI oil moved away from session highs amid demand worries. 
• Brent oil made an attempt to settle above the $80.00 level but lost momentum and pulled back. 

Natural Gas

Natural gas is moving higher as traders focus on bullish changes in weather forecasts.

A successful test of the resistance at $3.22 – $3.28 will push natural gas towards the next resistance level at $3.55 – $3.60.

WTI Oil

WTI oil pulled back from session highs despite rising tensions in the Middle East. According to recent reports, oil tankers have started to avoid Red Sea after U.S. delivered strikes against Houthis.

The resistance at $73.00 – $74.00 remains strong. If WTI oil settles above this level, it will gain significant upside momentum.

Brent Oil

Brent oil  has also pulled back as traders remained worried about the health of the world economy.

From the technical point of view, a move below the $77.50 level may trigger a pullback.

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