Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds As Protests Shut Libya’s Key Oilfield

Key Insights

• Natural gas tries to settle above the resistance at $2.65.
• WTI oil rebounds as traders react to the shutdown of Libya’s Sharara oilfield.
• Brent oil climbed back towards the $78.00 level. 

Natural Gas

Natural gas gains ground as cold weather in Europe  boosts market sentiment, although U.S. weather forecasts do not look bullish.

If natural gas stays above the $2.65 level, it will head towards the resistance at $2.80 – $2.85.

WTI Oil

WTI oil rallied as traders focus on the shutdown at Libya’s Sharara oilfield that produces 300,000 bpd.

A move above the resistance at $73.00 – $74.00 will push WTI oil towards the resistance at $79.00 – $80.00.

Brent Oil

Brent oil gains ground amid rising tensions in the Middle East. Houthis continue their attempts to attack container ships in Red Sea, raising worries about the safety of oil supplies in the region.

In case Brent oil climbs back above the $77.50 – $78.25 level, it will head towards the next resistance at $83.50 – $84.50.

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