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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As East Libya Government Halts Sales
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Key Points:
- Natural gas moved below the $2.00 level as pullback continued.
- WTI oil rallied above $77.00 as traders focused on the situation in the Middle East.
- Brent oil climbed above the $81.00 level.
Natural Gas
Natural gas tests new lows as traders stay focused on the recent EIA report, which showed that working gas in storage increased by 35 Bcf from the previous week.
If natural gas settles below the $2.00 level, it will move towards the next support at $1.80 – $1.85.
WTI Oil
WTI oil rallies as traders react to the developments in the Middle East. Libya’s eastern government decided to halt oil production and exports amid political dispute over control of the country’s central bank.
If WTI oil climbs above the $78.00 level, it will move towards the next resistance at $79.50 – $80.00.
Brent Oil
Brent oil gained strong upside momentum amid worries about oil supply in the Middle East.
A move above the resistance at $81.50 – $82.00 will push Brent oil towards the next resistance level at $85.50 – $86.00.
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, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
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