Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Stays Close To Multi-Month Highs As Traders Remain Bullish

Key Insights

• Natural gas pulled back towards the support at $2.60 – $2.65.
• WTI oil was mostly flat as traders were not ready for profit-taking after the recent rally. 
• Brent oil settled near the important resistance at $88.80 – $90.00.

Natural Gas

Natural gas is under strong pressure at the start of the week as traders focus on weather and the continuation of the negotiations to prevent strikes at Chevron’s Australia LNG facilities.

At this point, it is obvious that the resistance level at $2.80 – $2.85 has proved its strength. Natural gas will need strong catalysts to settle above $2.85.

WTI Oil

WTI oil settled near the important resistance at $86.00 – $87.30 as traders remained focused on tight supplies.

RSI is close to the overbought territory, but there is enough room to gain additional upside momentum.

Brent Oil

Brent oil is also stuck near the key resistance level. Traders expect that Saudi Arabia will soon announce that it decided to extend its voluntary production cuts of 1 million bpd.

Brent oil settled near yearly highs, but we see no profit-taking, which means that the market sentiment is extremely bullish.

For a look at all of today’s economic events, check out our economic calendar.