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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As Dollar Pulls Back
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Key Points:
- Natural gas is moving higher, supported by cold weather forecasts.
- WTI oil managed to gain some ground as traders reacted to U.S. dollar's pullback.
- Brent oil attempts to settle back above the $73.00 level.
Natural Gas
Natural gas tests new highs as rally continues. Traders stay focused on encouraging weather forecasts, which indicate that weather may be cold in January.
From the technical point of view, natural gas is heading towards the resistance at $3.80 – $3.85.
WTI Oil
WTI oil rebounded from session lows as traders focused on U.S. dollar’s pullback and falling Treasury yields.
In case WTI oil manages to settle back above the $70.00 level, it will head towards the nearest resistance at $72.00 – $72.50.
Brent Oil
Brent oil is moving higher, supported by weaker U.S. dollar. From a big picture point of view, traders remain worried about the strength of demand in the upcoming months.
Brent oil needs to settle back above the 50 MA at $73.41 to have a chance to gain upside momentum in the near term.
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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