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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As Traders Focus On Middle East Tensions
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Key Points:
- Natural gas pulls back as traders react to bearish weather forecasts.
- WTI oil is up by more than 3% amid rising tensions in the Middle East.
- Brent oil climbed back above the $80.00 level.
Natural Gas
Natural gas retreats as weather forecasts point to a cooler trend in the upcoming days. It looks that the recent rebound was mostly driven by short-covering, and there are no strong buyers in the market.
A move below the support at $2.00 – $2.05 will push natural gas towards the next support level at $1.80 – $1.85.
WTI Oil
WTI oil rallies as traders react to the assassination of Hamas leader in Tehran. The market is waiting for the potential response from Iran, which blames Israel for the attack.
If WTI oil settles back above the $78.00 level, it will head towards the resistance at $79.00 – $80.00.
Brent Oil
Brent oil gained strong upside momentum amid rising geopolitical tensions.
In case Brent oil stays above the $80.00 level, it will head towards the nearest resistance at $81.50 – $82.00.
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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