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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Remains Under Pressure As Middle East Tensions Ease
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Key Points:
- Natural gas did not manage to settle above the key resistance at $2.25 - $2.30.
- WTI oil tested support at $72.50 as geopolitical premium declined.
- Brent oil pulled back towards the $77.00 level.
Natural Gas
Natural gas is losing ground after an unsuccessful attempt to settle above the resistance at $2.25 – $2.30.
The technical picture remains unchanged as natural gas needs to climb above the $2.30 level to gain additional upside momentum.
WTI Oil
WTI oil tested new lows amid reports indicating that Gaza ceasefire negotiations were progressing well.
It should be noted that WTI oil received support near the $72.50 level and moved away from session lows. A move above $74.00 will push WTI oil towards the resistance at $75.50 – $76.50.
Brent Oil
Brent oil remains under pressure as traders fear that China’s demand for oil would not be as strong as previously expected.
A successful test of the support at $77.00 – $78.00 will push Brent oil towards the next support level at $72.50 – $73.50.
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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