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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back On Israel – Hamas Ceasefire Talks
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Key Points:
- Natural gas is trying to settle back above the $2.00 level.
- WTI oil declined below the $83.00 level as traders focused on Middle East ceasefire talks.
- Brent oil is trying to settle below the $87.00 level.
In this article:
Natural Gas
Natural gas gains ground as traders focus on Freeport LNG resumption and bet on a rebound from recent lows.
A move above the $2.00 level will provide natural gas with a chance to gain additional upside momentum.
WTI Oil
WTI oil is losing ground as traders react to Israel – Hamas ceasefire talks in Cairo. It should be noted that previous talks were not successful, so it remains to be seen whether Israel and Hamas would reach any agreement.
If WTI oil declines below the 50 MA at $81.57, it will head towards the support at $79.00 – $80.00.
Brent Oil
Brent oil is moving lower amid a broad pullback in the oil markets. The outcome of Israel – Hamas talks will serve as the key near-term catalyst for Brent oil.
A move below the 50 MA at $86.00 will push Brent oil towards the support at $83.50 – $84.50.
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 and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.
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