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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Highs As Traders Bet On Rising Demand
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Key Points:
- Natural gas is trying to settle below the $3.35 level.
- WTI oil is moving higher as traders focus on strong demand.
- Brent oil attempts to settle above the $70.00 level.
Natural Gas
Natural gas is losing ground as traders remain bearish. Weather forecasts point to high demand in the upcoming days. However, these forecasts do not provide sufficient support to natural gas markets.
A successful test of the support at $3.35 – $3.40 will open the way to the test of the next support level at $3.05 – $3.10.
WTI Oil
WTI oil tested new highs as traders bet on rising demand despite a new wave of tariffs.
In case WTI oil stays above the $68.00 level, it will head towards the resistance at $71.50 – $72.00.
Brent Oil
Brent oil is trying to settle above the $70.00 level as the market continues to recover after the strong pullback in late June.
The nearest resistance level for Brent oil is located in the $71.00 – $71.50 range. A move above $71.50 will push Brent oil 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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