Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Test New Highs

Key Insights

• Natural gas retreats as traders focus on bearish changes in weather forecasts. 
• WTI oil is moving higher, supported by the recent announcements of production cuts from Saudi Arabia and Russia. 
• Brent oil managed to climb above the $90.00 level. 

Natural Gas

Natural gas remains under pressure as traders stay focused on unfavorable weather dynamics.

From the technical point of view, natural gas settled below the previous support at $2.60 – $2.65 and is moving towards the next support in the $2.35 – $2.40 range.

WTI Oil

WTI oil continues its attempts to settle above the resistance at $86.00 – $87.30 as traders stay focused on production cuts.

WTI oil has already managed to get above the $87.30 level and is trying to settle above the $88.00 level. In case this attempt is successful, it will move towards the $90.00 level.

Brent Oil

Brent oil has also managed to gain strong upside momentum. There was no sign of serious profit-taking near the $90.00 level, and it looks that Brent oil has a good chance to settle above this key level.

RSI has recently moved into the overbought territory, but the fundamental impact from production cuts is strong, so Brent oil may move higher without a material pullback.

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