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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Highs As Traders Focus On Middle East War Risk
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Key Points:
- Natural gas pulled back as Hurricane Milton may hurt demand for energy.
- WTI oil moved above the $77.00 level as traders remained focused on Middle East tensions.
- Brent oil climbed above the psychologically important $80.00 level.
Natural Gas
Natural gas is losing ground as traders focus on Hurricane Milton, which may hurt demand for energy.
From the technical point of view, natural gas settled below the support at $2.85 – $2.90 and is moving towards the next support level at $2.60 – $2.65.
WTI Oil
WTI oil tests new highs as traders remain focused on the situation in the Middle East. It looks that short-covering has served as a significant catalyst for the rally.
A successful test of the resistance at $81.00 – $81.50 will open the way to the test of the next resistance level at $85.50 – $86.00.
Brent Oil
Brent oil rallied above $80.00 as traders evaluated the chances of a major war in the Middle East.
A move above the $81.50 level will push Brent oil towards the resistance at $85.50 – $86.00.
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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