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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Traders Focus On Middle East
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Key Points:
- Natural gas is trying to rebound after the pullback.
- WTI oil is losing ground as geopolitical premium declines.
- Brent oil tests support at $71.00 - $71.50.
Natural Gas
Natural gas settled near the $2.85 level as traders switched to December 2024 contract.
In case natural gas climbs above the $2.90 level, it will head towards the nearest resistance at $3.00 – $3.05.
WTI Oil
WTI oil pulls back amid reports indicating that Israel may seek a diplomatic solution to its current operation in Lebanon.
In case WTI oil manages to settle below the support at $67.00 – $67.50, it will move towards the next support level, which is located in the $63.50 – $64.00 range.
Brent Oil
Brent oil tests support at $71.00 – $71.50 as traders focus on the potential weakness of demand for oil.
A move below the $71.00 level will push Brent oil towards the support at $67.50 – $68.00.
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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