Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As Traders Focus On Potential Supply Disruptions

By:

Vladimir Zernov

Published: Jan 7, 2025, 18:08 GMT+00:00

Key Points:

Natural gas pulled back as traders focused on changes in weather forecasts.
WTI oil moved higher amid reports indicating several China ports blacklisted sanctioned vessels.
Brent oil climbed towards the $77.00 level.

Natural Gas

Natural Gas 070125 Daily Chart

Natural gas pulled back as traders focused on bearish changes in weather forecasts, which indicate that weather may be less cold than previously expected.

If natural gas stays below the support at $3.55 – $3.60, it will move towards the next support level at $3.25 – $3.30.

WTI Oil

WTI Oil 070125 Daily Chart

WTI oil gains ground as traders focus on potential supply disruptions. U.S. increases pressure on sanctioned vessels and forces China to comply.

In case WTI oil climbs above the recent highs near the $75.00 level, it will move towards the next resistance level at $77.00 – $77.50.

Brent Oil

Brent Oil 070125 Daily Chart

Brent oil tests resistance at $77.00 – $77.50 amid broad rally in the energy markets.

In case this test is successful, Brent oil will head towards the next resistance level at $81.00 – $81.50.

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.