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Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Rallies 3% As Traders Bet On Supply Disruptions
By:
Key Points:
- Natural gas retreats after testing new highs.
- WTI oil gained strong upside momentum, supported by new U.S. sanctions on Russian oil.
- Brent oil settled above the psychologically important $80.00 level.
In this article:
Natural Gas
Natural gas pulled back as traders rushed to take profits near yearly highs. Cold weather boosts demand, but some traders believe that it’s time to take money off the table.
If natural gas stays below the $3.95 level, it will move towards the support level at $3.55 – $3.60.
WTI Oil
WTI oil tests new highs as traders focused on potential supply disruptions from new U.S. sanctions on Russian oil.
From the technical point of view, WTI oil climbed above the resistance at $77.00 – $77.50 and is moving towards the next resistance at $80.00 – $80.50.
Brent Oil
Brent oil tests resistance at $81.00 – $81.50 amid broad rally in the oil markets.
In case this test is successful, Brent oil will head towards the next resistance level at $84.00 – $84.50. RSI is in the overbought territory, so the risks of a pullback are increasing.
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 and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.
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