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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Highs Amid Supply Concerns
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Key Points:
- Natural gas attempts to settle above the resistance at $3.55 - $3.60.
- WTI oil moved above the $73.00 level as traders bet that sanctions on Russia and Iran will hurt supply.
- Brent oil rallied towards the $77.00 level.
Natural Gas
Natural gas tests resistance at $3.55 – $3.60 as traders stay focused on cold weather.
A move above the $3.60 level will open the way to the test of the next resistance at $4.00 – $4.05.
WTI Oil
WTI oil continues to move higher amid concerns about supply from Russia and Iran, which is hit by sanctions.
A successful test of the resistance at $73.00 – $73.50 will push WTI oil towards the next resistance level, which is located in the $77.00 – $77.50 range.
Brent Oil
Brent oil gained upside momentum amid broad rally in the oil markets. Traders bet that supply from Russia and Iran would decline in the near term.
A move above the $77.50 level will open the way to the test of the next resistance level at $81.00 – $81.50.
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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