Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests Multi-Month Highs On Supply Worries

Key Insights

• Natural gas made another attempt to settle above the $2.85 level but lost momentum and pulled back. 
• WTI oil tested new highs as traders focused on production cuts. 
• Brent oil moved towards the resistance in the $88.80 – $90.00 range. 

Natural Gas

Natural gas made another attempt to settle above the resistance at $2.80 – $2.85 but failed to develop sufficient upside momentum and pulled back.

Employees at Chevron’s Australian LNG facilities have recently rejected a pay deal, but supply worries did not provide additional support to natural gas prices.

WTI Oil

WTI oil tested new highs as traders remained focused on production cuts, which are expected to offset the negative impact from China’s problems.

RSI is close to the overbought territory, but there is enough room to gain additional upside momentum in case the right catalysts emerge.

Brent Oil

Brent oil has also moved higher as traders bet that oil markets will get tighter in the upcoming months.

The nearest resistance level for Brent oil is located in the $88.80 – $90.00 range. A move above the $90 level will provide Brent oil with an opportunity to gain additional upside momentum.

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