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

Key Insights

• Natural gas tests new lows amid a lack of positive catalysts. 
• WTI oil is moving higher as traders focus on rising tensions in the Middle East. 
• Brent oil continues its attempts to settle above the $82.00 level.

Natural Gas

Natural gas remains under pressure as traders stay focused on low demand and disappointing weather forecasts.

From the technical point of view, natural gas settled below the support at $1.95 – $2.00 and is moving towards the next support level at $1.60 – $1.65.

WTI Oil

WTI oil tested new highs amid rising tensions in the Middle East. Israel has recently rejected a ceasefire proposal from Hamas and continued its operations against Hamas in Gaza.

RSI remains in the moderate territory, so there is plenty of room to gain additional upside momentum.

Brent Oil

Brent oil  is also moving higher as risk premium for oil increases. From a big picture point of view, Brent oil is moving towards levels that were reached before hopes for a ceasefire deal emerged.

A move above the $82.00 level will open the way to the test of the resistance at $83.50 – $84.50.

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