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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As U.S. Imposes Sanctions On Russian Oil Industry
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Key Points:
- Natural gas rallied as traders remained focused on cold weather.
- WTI oil moved above the $76.00 level as traders reacted to strong sanctions on Russian oil industry.
- Brent oil made an attempt to settle above the $80.00 level.
In this article:
Natural Gas
Natural gas rallied as cold weather boosted demand and traders bet that natural gas inventories would continue to fall.
A successful test of the resistance at $3.95 – $4.00 will push natural gas towards the next resistance level at $4.25 – $4.30.
WTI Oil
WTI oil rallied as U.S. imposed sanctions on the Russian oil industry. Oil traders bet that new sanctions would disrupt supplies and provide additional support to prices.
If WTI oil climbs above the resistance at $77.00 – $77.50, it will move towards the next resistance level at $80.00 – $80.50.
Brent Oil
Brent oil gained ground as traders reacted to sanctions and focused on cold weather, which would boost demand for energy.
In case Brent oil settles above the psychologically important $80.00 level, it will move towards the strong resistance level 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 and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.
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