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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Traders Ignore New Sanctions On Russia
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Key Points:
- Natural gas pulled back towards the $3.50 level.
- WTI oil moved lower as traders reacted to new sanctions on Russia.
- Brent oil declined towards the $69.00 level.
Natural Gas
Natural gas made another attempt to settle above the nearest resistance level at $3.60 – $3.65 but lost momentum and pulled back.
A move below the $3.50 level will push natural gas towards the support at $3.35 – $3.40.
WTI Oil
WTI oil pulled back despite new sanctions on Russia from the EU. Traders believe that new measures would not hurt supply.
If WTI oil settles below the $67.00 level, it will get to the test of the nearest support at $66.00 – $66.50.
Brent Oil
Brent oil made an attempt to settle above the psychologically important $70.00 level but lost momentum and declined towards $69.00.
A move below $69.00 will open the way to the test of the support level at $67.50 – $68.00.
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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