Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As Middle East Tensions Rise

By:

Vladimir Zernov

Published: Sep 17, 2024, 18:18 GMT+00:00

Key Points:

Natural gas retreats from multi-month highs.
WTI oil gains ground, supported by developments in Lebanon.
Brent oil settled above the $73.00 level.

Natural Gas

Natural Gas 170924 Daily Chart

Natural gas pulls back as traders take some profits off the table near multi-month highs.

In case natural gas moves back below the support at $2.25 – $2.30, it will head towards the 50 MA at $2.15.

WTI Oil

WTI Oil 170924 Daily Chart

WTI oil tests new highs as traders focus on rising tensions in the Middle East. Thousands were hurt in mysterious pager blasts in Lebanon. The Iran-backed Hezbollah group accused Israel, and the market prepared for another round of escalation in the region.

A move above the resistance at $72.00 – $$72.50 will push WTI oil towards the next resistance at $77.00 – $77.50.

Brent Oil

Brent Oil 170924 Daily Chart

Brent oil gains ground amid broad rally in the oil markets, which is driven by rising tensions in the Middle East.

A successful test of the resistance at $72.50 – $73.00 opens the way to the test of the next 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 and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.