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

Key Insights

• Natural gas rallied after the release of EIA Weekly Natural Gas Storage Report. 
• WTI oil moved higher amid rising tensions in the Middle East. 
• Brent oil made an attempt to settle above the $79.00 level.

Natural Gas

Natural gas gains ground as traders react to the EIA report, which showed that working gas in storage declined by 140 Bcf from the previous week.

In case natural gas settles above the resistance at $3.22 – $3.28, it will move towards the next resistance level, which is located in the $3.55 – $3.60 range.

WTI Oil

WTI oil gained ground as Iran seized a tanker, which was previously confiscated by the U.S.

It should be noted that WTI oil did not manage to settle above the resistance at $73.00 – $74.00 amid worries about the health of the global economy.

Brent Oil

Brent oil moved higher, supported by rising tensions in the Middle East.

In case Brent oil moves above the 50 MA at $79.27, it will head towards the resistance at $83.50 – $84.50.

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