Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As U.S. Imposes New Iran-Related Sanctions

Natural Gas

Natural gas continues its attempts to settle below the support level at $3.60 – $3.65 as traders stay focused on cooler weather trends.

If natural gas settles below the $3.60 level, it will move towards the next support at $3.35 – $3.40.

WTI Oil

WTI oil tests new highs as traders stay focused on the U.S. – China tariff deal, which lowered tariffs for 90 days. The lower-than-expected U.S. Inflation Rate report provided additional support to WTI oil.

In case WTI oil climbs above the 50 MA at $64.33, it will head towards the resistance level at $66.00 – $66.50.

Brent Oil

Brent oil rallied as U.S. imposed sanctions on firms that sent Iranian oil to China. Traders bet that Iranian oil exports would decline, which will be bullish for oil markets.

A successful test of the resistance at $67.00 – $67.50 will open the way to the test of the next resistance level at $71.00 – $71.50.

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