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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Soars 3% As U.S. Imposes New Iran-Related Sanctions
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Key Points:
- Natural gas settled near the $3.25 level as traders reacted to the EIA report.
- WTI oil rallied as traders focused on new Iran-related sanctions.
- Brent oil moved towards the $68.00 level.
Natural Gas
Natural gas is mostly flat as traders react to the EIA report, which indicated that working gas in storage increased by +16 Bcf from the previous week.
If natural gas settles below the $3.20 level, it will get to the test of the nearest support level at $3.05 – $3.10.
WTI Oil
WTI oil rallied as U.S. imposed sanctions on a Chinese importer of Iranian oil. Traders worry that more sanctions would follow, putting additional pressure on Iranian oil flows.
In case WTI oil manages to settle above the $65.00 level, it will head towards the next resistance level at $67.00 – $67.50.
Brent Oil
Brent oil gained ground as traders bet that supply would decline due to Iran-related sanctions.
RSI remains in the moderate territory, and there is plenty of room to gain momentum in the near term.
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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