Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Soars 3.5% As Geopolitical Risk Premium Rises

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.

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