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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Soars 3.5% As Geopolitical Risk Premium Rises
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Key Points:
- Natural gas remains under pressure as traders focus on low demand.
- WTI oil gained upside momentum as traders reacted to rising tensions in the Middle East.
- Brent oil climbed above the $62.00 level as China's May Day holiday spending beat expectations.
Natural Gas
Natural gas continues to pull back as traders focus on low demand and take profits after the recent rebound.
The nearest support level for natural gas is located in the $3.35 – $3.40 range. A move below the $3.35 level will push natural gas towards the next support at $3.05 – $3.10.
WTI Oil
WTI oil rallied as geopolitical premium increased amid rising tensions in the Middle East.
A move above the $60.00 level will push WTI oil towards the nearest resistance at $62.50 – $63.00.
Brent Oil
Brent oil gains ground amid reports indicating that China’s May Day holiday spending increased by 8% year-over-year. Traders bet that China’s demand for oil will rise.
A successful test of the resistance at $62.00 – $62.50 will open the way to the test of the next resistance at $67.00 – $67.50.
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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