Advertisement
Advertisement

Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Soared As Iran Fired Missiles At Israel

By:
Vladimir Zernov
Published: Oct 1, 2024, 18:26 GMT+00:00

Key Points:

  • Natural gas settled near the $2.90 level.
  • WTI oil rallied as Iran attacked Israel.
  • Brent oil made an attempt to settle above the $75.00 level.
Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Natural Gas

Natural Gas
Natural Gas 011024 Daily Chart

Natural gas remains stuck near the resistance at $2.85 – $2.90 as traders wait for additional catalysts.

If natural gas manages to settle above the $2.90 level, it will gain additional upside momentum and move towards the $3.05 level.

WTI Oil

WTI Oil
WTI Oil 011024 Daily Chart

WTI oil rallied as Iran fired missiles at Israel. Various fake videos appeared on social media after the attack, so traders should stay cautious and wait for official information. At this point, it looks that the market does not believe in a major war between Israel and Iran.

WTI oil faced resistance near the $72.00 level and pulled back. In the near term, the market will stay news-driven.

Brent Oil

Brent Oil
Brent Oil 011024 Daily Chart

Brent oil rallied as traders focused on tensions in the Middle East. However, traders have already started to take profits off the table as the attack ended.

From the technical point of view, Brent oil needs to stay above the $73.00 level to have a chance to gain additional upside momentum in the near term.

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

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

Advertisement