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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Gaza Ceasefire Talks Continue
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Key Points:
- Natural gas gains ground, supported by hot weather and anticipated LNG demand.
- WTI oil pulls back as geopolitical risk premium declines.
- Brent oil is trying to settle below the $85.00 level.
Natural Gas
Natural gas continues to rebound as traders focus on hot weather and anticipated LNG export recovery.
In case natural gas manages to settle above the $2.40 level, it will move towards the nearest resistance at $2.50 – $2.55.
WTI Oil
WTI oil continues to move lower as traders stay focused on Gaza ceasefire talks. Negotiations take place in Doha, Qatar, and will be resumed on Wednesday.
In case WTI oil settles below the $81.50 level, it will head towards the support at $79.00 – $80.00.
Brent Oil
Brent oil tests new lows as traders focus on geopolitical developments. From a big picture point of view, the current pullback looks healthy after the strong rally from June lows.
A move below the $84.50 level will open the way to the test of the support at $81.50 – $82.00.
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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