Advertisement
Advertisement
Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies Amid Supply Concerns
By:
Key Points:
- Natural gas pulled back amid cooler weather forecasts.
- WTI oil moved higher as traders focused on recent attacks against Russian oil pipeline.
- Brent oil rallied towards the $69.00 level.
Natural Gas
Natural gas pulls back as traders react to bearish changes in weather forecasts. Current demand is low, which is also bearish for natural gas markets.
In case natural gas declines below the $2.65 level, it will move towards the support level at $2.50 – $2.55.
WTI Oil
WTI oil gained ground amid supply concerns. Traders focused on drone attacks on Russian refineries, as well as the recent attack on Druzhba pipeline, which supplies Hungary and Slovakia.
A move above the $65.00 level will push WTI oil towards the nearest resistance at $66.00 – $66.50.
Brent Oil
Brent oil tests new highs amid broad rally in the oil markets, which is driven by supply fears.
If Brent oil settles above the 50 MA at $69.13, it will move towards the resistance at $71.00 – $71.50.
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, 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.
Advertisement