Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rises As Traders Focus On Supply Risks

Key Insights

• Natural gas tries to settle above $2.65 as traders focus on Hurricane Idalia. 
• WTI oil settled above the $80.00 level amid supply risks. 
• Brent oil moved towards the $85.00 level, boosted by weaker dollar and lower Treasury yields.

Natural Gas

Natural gas continues its attempts to settle above the resistance at $2.60 – $2.65 as traders focus on weather patterns.

In case natural gas manages to settle above the $2.65 level, it will head towards the next resistance at $2.80 – $2.85.

WTI Oil

WTI oil tested resistance at $80.85 – $81.75 as Hurricane Idalia intensified, threatening crude oil supplies. Chevron has already evacuated staff from several platforms in the Gulf of Mexico.

In case WTI oil manages to settle above the $81.75 level, it will head towards the next resistance, which is located in the $86.00 – $87.30 range.

Brent Oil

Brent oil moved towards the $85.00 level as traders focused on supply risks. The strong pullback in Treasury yields and the weakness of the U.S. dollar provided additional support to oil markets.

A move above the $86.00 level will open the way to the test of the next resistance at $88.80 – $90.00.

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