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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds As Traders Focus On Houthis’ Attacks
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Key Points:
- Natural gas gained ground as traders bet that production cuts would improve the supply/demand balance.
- WTI oil moved towards the $79.00 level as Houthis continued to attack ships in the Middle East.
- Brent oil rebounded towards the $83.00 level.
Natural Gas
Natural gas gains ground as bulls bet that production reductions would provide support to prices.
From the technical point of view, it looks that natural gas found material support in the $1.60 – $1.65 range.
WTI Oil
WTI oil rebounded from recent lows as traders focused on Houthis’ attacks on ships in the Middle East.
In case WTI oil climbs above the $78.00 level, it will move towards the nearest resistance at $79.00 – $80.00.
Brent Oil
Brent oil gained ground amid a broad rebound in the oil markets. From a big picture point of view, Brent oil consolidates below the nearest resistance at $83.50 – $84.50.
The current setup looks promising for the bulls, but Brent oil needs to climb above the $84.50 level to gain sustainable momentum.
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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