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Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Climbed Above $70.00
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Key Points:
- Natural gas enjoyed strong support after the release of the bullish EIA report.
- WTI oil rebounded from session lows and moved above the $70.00 level.
- Brent oil is trying to settle above $73.50.
Natural Gas
Natural gas rallied as traders reacted to the EIA report, which indicated that working gas in storage decreased by 190 Bcf from the previous week.
In case natural gas climbs above the resistance at $3.55 – $3.60, it will move towards the next resistance level at $3.70 – $3.75.
WTI Oil
WTI oil managed to rebound from session lows and is trying to settle back above the $70.00 level.
In case this attempt is successful, WTI oil will move towards the resistance at $72.00 – $72.50.
Brent Oil
Brent oil is mostly flat in volatile trading. Traders are worried that additional sanctions on Russian oil may hurt supplies and push prices higher.
If Brent oil settles above the 50 MA at $74.04, it will move towards the resistance level at $77.00 – $77.50.
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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