Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds As Middle East Tensions Persist

Key Insights

• Natural gas prices rallied, boosted by the bullish changes in weather forecasts. 
• WTI oil climbed back above the $72.00 level as traders focused on the closure of Sharara oilfield in Libya. 
• Brent oil made an attempt to settle above the $78.00 level. 

Natural Gas

Natural gas rallied as traders focused on frigid forecasts. Colder weather will boost demand, which is bullish for natural gas prices.

If natural gas settles above the resistance at $3.22 – $3.28, it will head towards the next resistance level at $3.55 – $3.60.

WTI Oil

WTI oil rebounded as traders focused on rising tensions in the Middle East and the production outage in Libya. According to recent reports, 300,000 bpd of supply remain offline in Libya.

If WTI oil climbs above the resistance at $73.00 – $74.00, it will head towards the next resistance level at $79.00 – $80.00.

Brent Oil

Brent oil is also moving higher amid a broad rebound in the oil markets.

A successful test of the resistance at $77.50 – $78.25 will push Brent oil towards the next resistance level at $83.50 – $84.50.

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