Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies Amid Supply Concerns

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.

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