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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Highs As Rally Continues
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Key Points:
- Natural gas is trying to settle above $1.75.
- WTI oil made an attempt to settle above the $83.00 level as traders bet on rising demand in U.S. and China.
- Brent oil climbed above the $87.00 level.
Natural Gas
Natural gas gains some ground as bulls hope that favorable weather patterns will boost demand.
In case natural gas settles above the $1.75 level, it will head towards the nearest resistance, which is located in the $1.95 – $2.00 range.
WTI Oil
WTI oil tests new highs as traders focus on on signs of stronger demand in U.S. and China.
A move above the $83.00 level will push WTI oil towards the resistance, which is located in the $85.50 – $86.50 range.
Brent Oil
Brent oil gains ground, supported by the recent drone attacks on Russian refineries. Russia may be forced to cut production in case the damaged refineries do not get back to work in the upcoming weeks.
RSI is close to the overbought territory, but there is enough room to gain additional upside momentum in the upcoming trading sessions.
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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