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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Highs As Geopolitical Premium Rises
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Key Points:
- Natural gas remains under strong pressure.
- WTI oil gained ground as traders reacted to the EIA report.
- Brent oil climbed above $73.50 amid worries about Russian oil supply.
Natural Gas
Natural gas is trying to settle below the support level at $3.00 – $3.05 as pullback continues.
In case this attempt is successful, natural gas will head towards the next support level, which is located in the $2.70 – $2.75 range.
WTI Oil
WTI oil tests new highs as traders stay focused on potential sanctions on Russia and react to the EIA report, which showed that crude inventories increased by +7.7 million barrels from the previous week.
A successful test of the resistance at $71.50 – $72.00 will open the way to the test of the next resistance at $77.00 – $77.50.
Brent Oil
Brent oil gained ground as strong rally continued. Rising geopolitical premium has been the key driver for oil markets in recent trading sessions.
In case Brent oil settles above the $74.00 level, it will head towards the resistance at $75.00 – $75.50.
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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