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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As Traders Bet On Strong Summer Demand
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Key Points:
- Natural gas moves away from session highs amid profit-taking.
- WTI oil gains ground as traders bet on strong demand.
- Brent oil tests resistance at $80.00 - $81.00.
Natural Gas
Natural gas pulls back as traders take some profits off the table near multi-month highs.
The technical picture remains bullish, but natural gas needs to settle above the $3.09 level to continue the move.
WTI Oil
WTI oil rallies as traders react to the Goldman Sachs report, which predicted strong demand in summer.
A move above the $78.00 level will push WTI oil towards the nearest resistance, which is located in the $79.00 – $80.00 range.
Brent Oil
Brent oil has also managed to gain strong upside momentum. Goldman Sachs analysts expect that Brent oil will move towards the $86 level in the third quarter.
In case Brent oil stays above the $81.00 level, it will head towards the resistance at $84.50 – $85.50.
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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