Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Highs Ahead Of The Weekend

Key Insights

• Natural gas is swinging between gains and losses as traders focus on dynamics of weather forecasts. 
• WTI oil gained ground as traders bet that demand could grow due to the strength of the U.S. economy. 
• Brent oil made an attempt to settle above the $83.00 level. 

Natural Gas

Natural gas has another volatile session while traders stay focused on the recent EIA report and the dynamics of weather forecasts.

A move above the $2.75 level will push natural gas towards the resistance at $3.00 – $3.05.

WTI Oil

WTI oil is moving higher as traders stay focused on the strong economic data from the U.S.

In case WTI oil moves above the resistance at $79.00 – $80.00, it will head towards the next resistance level at $85.00 – $86.00.

Brent Oil

Brent oil continues to move higher as traders bet that demand for oil could be higher than previously expected. Short-covering may provide additional support to oil markets in the upcoming trading sessions.

If Brent oil climbs above the resistance at $83.50 – $84.50, it will move towards the next resistance level at $88.50 – $89.50.

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