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Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Dives 3% As Iran Tensions Ease
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Key Points:
- Natural gas rebounds from session lows as traders react to the EIA report.
- WTI oil pulled back below the $60.00 level as concerns about Iranian supply disruptions eased.
- Brent oil declined towards the $64.00 level.
Natural Gas
Natural gas attempts to rebound as traders react to the EIA Weekly Natural Gas Storage Report, which indicated that working gas in storage decreased by -71 Bcf from the previous week.
In case natural gas settles above the $3.10 level, it will move towards the nearest resistance, which is located in the $3.25 – $3.30 range.
WTI Oil
WTI oil pulled back as Trump’s comments indicated that U.S. will not attack Iran in the near term.
If WTI oil pulls back below the 50 MA at $58.58, it will move towards the support level at $55.50 – $56.00.
Brent Oil
Brent oil moved lower as traders reduced bets on the potential U.S. action against Iran.
If Brent oil settles below the $64.00 level, it will move towards the 50 MA at $62.54.
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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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