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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Trump Threatens Sanctions On Buyers Of Russian Oil
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Key Points:
- Natural gas rallied as traders focused on bullish changes in weather forecasts.
- WTI oil pulled back towards the $67.00 level.
- Brent oil failed to settle above $71.00 and declined towards the $69.00 level.
Natural Gas
Natural gas gains ground as traders focus on recent changes in weather forecasts, which indicate that demand should increase.
If natural gas stays above the $3.40 level, it will head towards the resistance at $3.60 – $3.65.
WTI Oil
WTI oil pulled back as U.S. President Donald Trump did not announce immediate sanctions on Russian oil.
In case WTI oil declines below the $66.00 level, it will move towards the 50 MA at $65.20.
Brent Oil
Brent oil moved towards the $69.00 level amid broad pullback in the oil markets.
A move below $69.00 will open the way to the test of the nearest support level, which is located in the $67.50 – $68.00 range.
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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