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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back As Geopolitical Premium Declines
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Key Points:
- Natural gas rebounds after the strong pullback.
- WTI oil pulled back below the $82.50 level as traders focused on the developments in the Middle East.
- Brent oil declined below the $86.00 level amid broad pullback in the oil markets.
In this article:
Natural Gas
Natural gas rebounds as short-sellers take some profits off the table after the strong move.
In case natural gas climbs above the $2.40 level, it will move towards the nearest resistance, which is located in the $2.50 – $2.55 range.
WTI Oil
WTI oil pulls back as traders focus on Gaza ceasefire talks. It should be noted that previous ceasefire talks yielded no results, and it remains to be seen whether Middle East tensions will de-escalate in the upcoming weeks.
A move below the $82.00 level will push WTI oil towards the nearest support level at $79.00 – $80.00.
Brent Oil
Brent oil is losing ground as geopolitical risk premium declines. Profit-taking also serves as an important catalyst for the move.
From the technical point of view, Brent oil is moving towards the nearest support 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 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.
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