Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Lows Despite Geopolitical Tensions

Natural Gas

Natural gas is trying to rebound from recent lows as traders take some profits off the table after the pullback.

It remains to be seen whether natural gas will be able to settle back above the $2.10 level as production stays at high levels.

WTI Oil

WTI oil  pulls back as traders ignore rising tensions in the Middle East. The market believes that the recent strike on Golan Heights will not lead to an all-out war between Israel and the Lebanese group Hezbollah.

A successful test of the support at $75.50 – $76.50 will push WTI oil towards the next support level at $71.50 – $72.50.

Brent Oil

Brent oil  tests new lows as Israeli officials showed measured response to the attack on Golan Heights. Traders stay focused on the problems of China’s economy, which is bearish for oil markets.

A move below the $79.00 level will open the way to the test of the support at $77.00 – $78.00.

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