Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As Israel Rejects Hamas Proposal

Key Insights

• Natural gas retreats as traders react to the EIA report. 
• WTI oil moved towards the $76.00 level as traders focused on rising tensions in the Middle East.
• Brent oil rebounded above the $81.00 level. 

Natural Gas

Natural gas is moving lower as traders react to the EIA report, which showed that working gas in storage declined by 75 Bcf from the previous week.

A successful test of the support at $1.95 – $2.00 opens the way to the test of the next support level at $1.60 – $1.65.

WTI Oil

WTI oil gained upside momentum as Israel rejected Hamas ceasefire proposal. In addition, U.S. killed a militant commander in Iraq, raising worries about a wider conflict in the region.

From the technical point of view, WTI oil is moving towards the resistance, which is located near the recent highs at $79.00 – $80.00.

Brent Oil

Brent oil has also managed to gain strong momentum as traders focused on rising tensions in the Middle East.

A move above the $82.00 level will push Brent oil towards the resistance at $83.50 – $84.50.

For a look at all of today’s economic events, check out our economic calendar.