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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As Traders Focus On Potential Sanctions On Russia
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Key Points:
- Natural gas remains under pressure as weather forecasts stay bearish.
- WTI oil moved higher as traders evaluated the risks of additional oil-related sanctions on Russia and its trading partners.
- Brent oil climbed towards the $70.00 level.
Natural Gas
Natural gas tests support at $3.00 – $3.05 as traders focus on cooler weather forecasts.
If natural gas settles below the $3.00 level, it will head towards the next support at $2.70 – $2.75.
WTI Oil
WTI oil gains ground as traders focus on potential sanctions on Russia. U.S. President Trump said that he would give Russian President Putin a new 10-12 day deadline to reach a truce with Ukraine.
A move above the $66.50 level will push WTI oil towards the recent highs near the $69.50 level.
Brent Oil
Brent oil is moving higher as traders focus on new risks to Russian oil supply.
From the technical point of view, Brent oil needs to settle above the resistance at $71.00 – $71.50 to gain additional upside momentum in the near term.
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.
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