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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Stabilizes As Markets See No Risks To Russian Oil Supply
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Key Points:
- Natural gas is under pressure as traders react to bearish weather forecasts.
- WTI oil is mostly flat as traders believe that new sanctions will not limit supply from Russia.
- Brent oil settled near the $69.00 level.
Natural Gas
Natural gas retreats as traders react to cooler weather forecasts, which indicate that demand would be lower than previously expected.
A move below the $3.30 level will push natural gas towards the support at $3.00 – $3.05.
WTI Oil
WTI oil is swinging between gains and losses as traders doubt that new sanctions on Russia will have a material impact on supply from the country.
If WTI oil manages to settle above the $69.00 level, it will head towards the resistance level at $71.50 – $72.00.
Brent Oil
Brent oil is little changed at the start of the week. U.S. dollar’s pullback did not provide material support to oil markets.
From the technical point of view, Brent oil settled in a range between the support at $67.50 – $68.00 and the resistance at $71.00 – $71.50.
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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