Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies Amid Rising Geopolitical Risk Premium

Natural Gas

Natural gas is under strong pressure as traders focus on warm weather forecasts.

In case natural gas declines below the support at $3.00 – $3.05, it will move towards the next support level, which is located in the $2.75 – $2.80 range.

WTI Oil

WTI oil gains ground as geopolitical premium increased. It remains to be seen whether truce between Israel and Hezbollah survives the next few days as Israel notes that Hezbollah members ignore the agreement.

If WTI oil settles above the 50 MA at $70.42, it will move towards the resistance level at $72.00 – $72.50.

Brent Oil

Brent oil is moving higher amid broad rally in the oil markets. The upcoming OPEC+ meeting provides additional support to Brent oil as traders expect that the organization will extend production cuts.

A move above the 50 MA at $74.23 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.