Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Is Mostly Flat As Traders Wait For Catalysts

Natural Gas

Natural gas settled near the $1.90 level as traders switched to June contract. The May contract is currently trading below $1.60.

The fundamental picture remains bearish for natural gas, which needs significant positive catalysts to break the current trend.

WTI Oil

WTI oil is mostly flat ahead of the weekend. It should be noted that U.S. dollar gained ground against a broad basket of currencies after the release of PCE Price Index data. Stronger dollar is bearish for commodities, although it remains to be seen whether oil traders will focus on the dynamics of the American currency.

From the technical point of view, WTI oil is moving towards the nearest resistance at $85.50 – $86.50.

Brent Oil

Brent oil gained some ground as traders waited for additional catalysts. Tensions in the Middle East continue to provide support to oil markets.

Brent oil needs to settle above the nearest resistance at $89.00 – $90.00 to have a chance to gain sustainable upside momentum.

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