Natural Gas
Natural gas made an attempt to settle above the resistance at $3.60 – $3.65 but lost momentum and pulled back below the $3.50 level. Traders reacted to the EIA report, which showed that working gas in storage increased by +109 Bcf from the previous week.
If natural gas stays below the $3.50 level, it will head towards the nearest support level at $3.35 – $3.40.
WTI Oil
WTI oil rebounded from session lows as traders remained focused on Middle East tensions.
RSI remains in the moderate territory, so there is plenty of room to gain additional momentum in the near term.
Brent Oil
Brent oil has also managed to rebound from session lows as traders evaluated the chances for a direct conflict between Israel and Iran.
In case Brent oil settles above the $70.00 level, it will head towards the resistance at $71.00 – $71.50.
Natural Gas Price Forecast
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