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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back From Session Highs As Hamas Accepts A Ceasefire Proposal
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Key Points:
- Natural gas rallies as demand is rising due to hot weather in Texas.
- WTI oil moved away from session highs as traders focused on Middle East tensions.
- Brent oil settled near the $83.00 level.
In this article:
Natural Gas
Natural gas tests new highs as traders focus on hot temperatures in Texas, which boost demand.
In case natural gas settles above the 50 MA at $2.20, it will move towards the next resistance level at $2.45 – $2.50.
WTI Oil
WTI oil pulled back from session highs amid reports indicating that Hamas agreed to a ceasefire proposal. An Israeli official has said that no ceasefire has been achieved in Gaza, according to Reuters.
From the technical point of view, WTI oil needs to settle back above the $80.00 level to have a chance to gain sustainable upside momentum.
Brent Oil
Brent oil is also swinging between gains and losses as traders focus on the situation in the Middle East.
In case Brent oil settles below the $83.00 level, it will head towards the next support, which is located in the $80.00 – $81.00 range.
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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