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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Highs As Traders Focus On Middle East Tensions

By:
Vladimir Zernov
Published: Apr 12, 2024, 18:15 GMT+00:00

Key Points:

  • Natural gas is mostly flat amid a lack of additional catalysts.
  • WTI oil gained ground amid rising tensions in the Middle East.
  • Brent oil made an attempt to settle above the $92.00 level.
Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Natural Gas

Natural Gas
Natural Gas 120424 Daily Chart

Natural gas is mostly flat ahead of the weekend as traders wait for additional catalysts.

The technical picture has not changed as natural gas remains stuck between the support at $1.60 – $1.65 and the resistance at $1.95 – $2.00.

WTI Oil

WTI Oil
WTI Oil 120424 Daily Chart

WTI oil tested new highs as traders focused on tensions in the Middle East. Recent reports indicate that Iran may attack Israel in the upcoming hours. It should be noted that traders have been waiting for retaliation from Iran, whose embassy in Damascus has been attacked, for the whole week, but Iran did not make any moves yet.

From the technical point of view, WTI oil continues its attempts to settle above the key resistance at $85.50 – $86.50.

Brent Oil

Brent Oil
Brent Oil 120424 Daily Chart

Brent oil  has also tested new highs but lost momentum and pulled back. News from the Middle East will be the key driver for Brent oil in the upcoming days.

RSI is in the moderate territory, so there is plenty of room to gain upside momentum in case tensions in the Middle East increase.

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

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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