Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Highs As Wildfires In Canada Cut Production

Natural Gas

Natural gas made an attempt to settle above the $3.75 level but lost momentum and pulled back towards $3.70 as traders decided to take some profits off the table after the strong rebound from recent lows.

If natural gas stays above the support at $3.60 – $3.75, it will head towards the nearest resistance level at $3.85 – $3.90.

WTI Oil

WTI oil continues to move higher as wildfires in Canada’s Alberta cut oil sands production.

If WTI oil climbs above the $64.00 level, it will move towards the resistance level at $66.00 – $66.50.

Brent Oil

Brent oil gains ground as traders focus on rising geopolitical tensions and react to the recent OPEC+ decision.

From the technical point of view, Brent oil needs to settle above the nearest resistance level at $67.00 – $67.50 to gain additional upside momentum in the near term.

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