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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Traders Weigh The Impact Of Israel – Iran Conflict
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Key Points:
- Natural gas moved higher as traders reacted to bullish weather forecasts.
- WTI oil moved lower as traders focused on the reports indicating that Iran wanted to negotiate a deal.
- Brent oil declined towards the $73.00 level.
Natural Gas
Natural gas gained upside momentum as traders focused on hot weather forecasts, which indicate that demand should increase.
A move above the 50 MA at $3.77 will open the way to the test of the next resistance at $3.85 – $3.90.
WTI Oil
WTI oil pulled back amid reports indicating that Iran was seeking truce with Israel. It should be noted that these reports were not confirmed by Iran.
If WTI oil manages to settle back above the $72.00 level, it will head towards the next resistance at the recent highs at $77.00 – $77.50.
Brent Oil
Brent oil has also pulled back as traders evaluated that potential impact of Israel – Iran conflict.
From the technical point of view, Brent oil needs to settle above the resistance at $75.00 – $75.50 to gain additional upside momentum in the near term.
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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