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Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Gains 1.7% As Rebound Continues
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Key Points:
- Natural gas moved lower amid demand worries.
- WTI oil gained upside momentum and climbed above the $71.00 level.
- Brent oil settled above the psychologically important $75.00 level.
Natural Gas
Natural gas pulled back as traders remained worried about the strength of demand in the near term.
From the technical point of view, natural gas settled between the support at $2.20 – $2.25 and the resistance at $2.40 – $2.45.
WTI Oil
WTI oil continues to rebound as traders focus on the situation in the Middle East and hope that China’s stimulus measures would provide some support to oil demand.
If WTI oil manages to settle above the resistance at $72.00 – $72.50, it will head towards the next resistance, which is located in the $77.00 – $77.50 range.
Brent Oil
Brent oil gains ground amid broad rally in commodity markets. Currently, Brent oil is trying to settle above the 50 MA at $75.52.
In case this attempt is successful, Brent oil will move towards the nearest resistance level at $77.00 – $77.50.
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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