Advertisement
Advertisement
Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds As Traders Focus On Supply Risks
By:
Key Points:
- Natural gas continues its attempts to settle below the support at $3.05 - $3.10.
- WTI oil rebounded towards the $60.00 level.
- Brent oil climbed back above the $64.50 level.
Natural Gas
Natural gas remains stuck near the support at $3.05 – $3.10 as traders react to the recent EIA report and focus on weather forecasts.
The technical picture remains unchanged as natural gas needs to settle above the resistance at $3.25 – $3.30 to gain additional upside momentum in the near term.
WTI Oil
WTI oil gained ground as traders remained focused on the situation in Iran. Traders are worried that U.S. may ultimately deliver strikes against the country.
From the technical point of view, WTI oil needs to settle back above the resistance at $60.00 – $60.50 to gain additional upside momentum in the near term.
Brent Oil
Brent oil is moving higher amid broad rebound in the oil markets. Traders used the pullback as an opportunity to increase their long positions.
A move above the $65.00 level will push Brent oil towards recent highs near the $66.80 level.
If you’d like to know more about how commodity markets work, please visit our educational area.
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.
Advertisement