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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As Israel Prepares To Retaliate Against Iran
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Key Points:
- Natural gas moved higher as traders reacted to the EIA report.
- WTI oil gained more than 3% amid reports indicating Israel was ready to make a decision on how it would retaliate against Iran.
- Brent oil climbed above the $79.00 level amid broad rally in the oil markets.
Natural Gas
Natural gas rebounds from recent lows as traders focus on the EIA report, which indicated that working gas in storage increased by 82 Bcf from the previous week.
In case natural gas climbs above the $2.70 level, it will head towards the nearest resistance which is located in the $2.85 – $2.90 range.
WTI Oil
WTI oil rallied as traders waited for Israel’s retaliation against Iran. Recent reports indicate that Israel is close to the final decision on how it would respond to the recent attack from Iran.
From the technical point of view, WTI oil remains in a wide range between the support at $72.00 – $72.50 and the resistance at $77.00 – $77.50.
Brent Oil
Brent oil gained strong upside momentum amid rising tensions in the Middle East. RSI is in the moderate territory, so there is plenty of room to gain additional upside momentum in the near term.
A move above the $80.00 level will push Brent oil towards the resistance at $81.00 – $81.50.
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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