Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Climbs Above $73.00 Amid Israel – Iran Conflict

Natural Gas

Natural gas attempts to settle above the resistance at $3.60 – $3.65 as traders focus on the Middle East conflict, which may have an impact on global LNG market.

A move above the $3.65 level will open the way to the test of the resistance at $3.85 – $3.90.

WTI Oil

WTI oil skyrocketed as traders reacted to Israel’s strikes against Iran. Traders focus on the potential disruption of oil flows and potential damage to Iran’s oil production facilities.

Technical factors will likely take a back seat as traders will mostly focus on the news from the Middle East.

Brent Oil

Brent oil made an attempt to settle above the $78.50 level but pulled back below $75.00 as traders took some profits off the table after the strong rally.

Not surprisingly, RSI is in the overbought territory. However, Brent oil may gain additional upside momentum in case Israel targets Iran’s oil production.

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