Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As Israel Starts Ground Operation Against Hamas

Key Insights

• Natural gas rallied on cold weather forecasts. 
• WTI oil gained strong upside momentum as Israel started its ground operation against Hamas in Gaza. 
• Brent oil moved above $89.00 amid rising geopolitical risks. 

Natural Gas

Natural gas rallied amid cold weather forecasts and a switch to the new front-month contract.

The recent rally was strong, so natural gas may need additional catalysts to move above the resistance at $3.60 – $3.75.

WTI Oil

WTI oil rallied as Israel’s chief military spokesperson said that Israeli forces were stepping up operations in the Gaza Strip.

In case WTI oil climbs above the resistance at $85.90 – $87.30, it will head towards the next resistance at $92.50 – $94.00.

Brent Oil

Brent oil gained upside momentum as traders waited for the reaction from other countries in the region, including Iran.

A successful test of the resistance at $88.80 – $90.00 will push Brent oil towards the next resistance level at $95.00 – $96.00.

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