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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Are Mostly Flat As Traders Ignore Rising Treasury Yields
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Key Points:
- Natural gas rallies as traders focus on hot weather forecasts.
- WTI oil is flat despite changes in Fed policy outlook.
- Brent oil settled near the $79.50 level.
Natural Gas
Natural gas tests new highs as traders focus on weather forecasts. Hot weather would drive higher cooling demand, which is bullish for natural gas prices.
From the technical point of view, natural gas moved above the resistance at $2.80 – $2.85 and is heading towards the next resistance at $3.02 – $3.09.
WTI Oil
WTI oil is mostly flat despite strong dollar and rising Treasury yields. Traders are not ready for big moves ahead of the weekend.
If WTI oil settles above $75.50, it will head towards the next resistance level at $79.00 – $80.00.
Brent Oil
Brent oil is also flat as traders ignore worries about hawkish Fed. It looks that the market needs some time to stabilize after recent volatility.
A move above the $81.00 level will push Brent oil towards the next significant resistance level at $84.50 – $85.00.
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, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
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