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Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Is Mostly Flat Despite Iran Sanctions
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Key Points:
- Natural gas remains under strong pressure.
- WTI oil settled near the $63.50 level as traders reacted to new sanctions on Iran.
- Brent oil continued its attempts to settle above the $67.50 level.
Natural Gas
Natural gas tested new lows amid lack of positive catalysts. From the technical point of view, natural gas is trying to settle below the support at $3.05 – $3.10.
In case this attempt is successful, natural gas will move towards the next support level at $2.70 – $2.75.
WTI Oil
WTI oil is mostly flat as traders react to new Iran sanctions. From a big picture point of view, traders remain worried about the consequences of the U.S. – China trade war.
If WTI oil pulls back below the $62.50 level, it will gain additional downside momentum and move towards the $60.00 level.
Brent Oil
Brent oil gained some ground but did not manage to settle above the resistance at $67.50.
A move above $67.50 will push Brent oil towards the next resistance, which is located in the $71.00 – $71.50 range.
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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