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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Highs Amid Concerns About Venezuelan Supply
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Key Points:
- Natural gas remains under pressure amid bearish weather forecasts.
- WTI oil climbed above the $59.00 level as traders focused on U.S. efforts to seize sanctioned Venezuela-linked tankers.
- Brent oil moved above the $63.00 level.
Natural Gas
Natural gas tests new lows as traders focus on warmer weather forecasts, which indicate that demand would be lower than previously expected.
In case natural gas declines below the support at $3.25 – $3.30, it will move towards the next support level at $3.05 – $3.10.
WTI Oil
WTI oil continued to move higher as traders bet that supply from Venezuela will decline in the near term.
A successful test of the resistance at $60.00 – $60.50 will push WTI oil towards the $63.00 level.
Brent Oil
Brent oil gains ground, supported by geopolitical developments. Protests in Iran raise worries about stability of the country’s oil exports.
A move above the $64.00 level will lead to the test of the resistance at $64.50 – $65.00.
If you’d like to know more about what drives oil prices, please visit our educational area.
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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