Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Remains Under Pressure Despite Middle East Tensions

Natural Gas

Natural gas tests new highs as traders focus on weather forecasts, which indicate that a tropical cyclone might form in the GoM, threatening offshore production.

In case natural gas settles above the resistance at $2.55 – $2.60, it will head towards the next resistance level, which is located in the $2.85 – $2.90 range.

WTI Oil

WTI oil rebounded from session lows as traders focused on the developments in the Middle East. Israel delivered powerful strikes against the Iran-backed Hezbollah in Lebanon.

It should be noted that the situation in the Middle East did not provide material support to oil prices. A move below the $70.00 level will push WTI oil towards the support at $68.00 – $68.50.

Brent Oil

Brent oil has also managed to move away from session lows but remained in the negative territory amid demand worries.

A successful test of the support at $72.50 – $73.00 will push Brent oil towards the next support level at $69.50 – $70.00.

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