Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Rally As EU Plans Additional Sanctions On Russian Oil

By:

Vladimir Zernov

Published: Dec 11, 2024, 19:15 GMT+00:00

Key Points:

Natural gas soars, supported by cold weather.
WTI oil moved higher despite the disappointing EIA report, which showed that gasoline inventories increased by 5.1 million barrels.
Brent oil gained 2% as traders focused on upcoming sanctions on Russian oil flows.

Natural Gas

Natural Gas 111224 Daily Chart

Natural gas rallied as traders focused on cold weather, which boosted demand for natural gas.

If natural gas climbs above the $3.40 level, it will head towards the next resistance level at $3.55 – $3.60.

WTI Oil

WTI Oil 111224 Daily Chart

WTI oil rallied despite the bearish EIA report, which indicated that gasoline inventories increased by 5.1 million barrels from the previous week.

If WTI oil settles above the 50 MA at $70.32, it will move towards the resisance level at $72.00 – $72.50.

Brent Oil

Brent Oil 111224 Daily Chart

Brent oil gains ground as EU plans additional sanctions on Russian oil. Traders bet that oil supply could decrease as a result of new sanctions, which will be bullish for oil.

A move above the 50 MA at $74.12 will push Brent oil towards the resistance at $77.00 – $77.50.

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.