Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As Traders Focus On Geopolitical Tensions

Natural Gas

Natural gas tested new highs as traders reacted to the EIA Weekly Natural Gas Storage report, which indicated that working gas in storage increased by 21 Bcf from the previous week.

If natural gas stays above the $2.10 level, it will move towards the next resistance at $2.25 – $2.30.

WTI Oil

WTI oil gains ground as the rebound continues. From a big picture point of view, markets have calmed down, and traders’ risk appetite is rising. Geopolitical tensions and the encouraging Initial Jobless Claims report provide additional support to oil markets.

A move above the $76.50 level will push WTI oil towards the next resistance at $79.00 – $80.00.

Brent Oil

Brent oil tested new highs amid broad rally in the oil markets. Traders shrug off recession worries and enjoy the upside momentum.

In case Brent oil climbs above the $80.00 level, it will move towards the resistance at $81.50 – $82.00.

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